Why now may be the best time to sell
Interest rates for 30-year conventional loans fell back to 3.75 percent last week. This leaves qualified buyers in a strong position. Those who already own a home, financed at a higher rate when prices were higher can often only dream of the long-term benefit that low rate brings.
Some buyers think about waiting for "the bottom." Of course we don't know where this imaginary "bottom" is, but the latest statistics show existing home sales are 6.4 percent higher nationally than last year. Locally, as reported here in an earlier column, sales are up 4 percent as of the end of October.
Still, many people think that, due to weather, holidays and the end of summer tourism their house is not as desirable at this time of year. That is exactly why yours should be on the market now, if you want to sell. It happens every year. Sometimes agents themselves provide the impetus, suggesting that the home will be a "fresh" listing in the spring. Already we have 700 fewer listings than we had in October. Only about a third of those were sales. The rest are off the market for any number of reasons, but if your real estate is off the market it certainly won't sell to any of the buyers out looking today.
In earlier times, when our Multiple Listings were still printed in a book, winter could be a challenging time to sell. Road and travel issues, decreased daylight hours and worse weather overall, would inhibit buyers who were inclined to wait for better conditions. Today however brings us a whole new world in many different ways. The biggest factor affecting all our lives is rapidly and ever-changing technology.
Not only has technology made it easier to search for homes, but it is easier to conduct long distance transactions as well. Electronic forms are now considered originals and the latest phone and software applications allow for electronic signatures. The smart phone has put a powerful computer in the hands of millions so they can search and conduct business from the cockpit.
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The National Association of Realtors reports at least 90 percent of buyers are using the Internet to search for property. Most rely on the expertise of real estate agents to help them through the processes of the purchase. Eighty-nine percent of buyers in 2011 used the services of a real estate agent. Fifty-five percent wanted their agent to help them find the right home. Thirteen percent wanted help negotiating the price and 12 percent wanted help with the terms of the sale. Still, the majority relied on the Internet, early in the process, to assist in their search.
There are no seasons, no inclement weather and no daylight hour restrictions on the Internet. If you truly want to sell your property then being on the market all of the time is the best time to be on the market. As reflected by the annual decline in late year listings, there is less competition. The smaller number of listings gives you a higher percentage chance of selling your property as listings continue to come off the market. Spring will bring back old listings with fresh faces. If you choose to stay off the market until everyone else is ready to get into the market, you are one of many, rather than one of a few.
Our world has changed and so should our attitude about when we should be actively marketing.
Trust an expert... call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.
Kim Cooper is a real estate broker and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d'Alene Association of Realtors, 409 W. Neider, Coeur d'Alene, ID 83815 or by calling (208) 667-0664.