When it comes to real estate, the right timing can play greatly in your favor. And trust me when I say, right now is the right time to list AND purchase a home!
Reason being is two-fold. First of all, rates have recently dropped dramatically. Subsequently, reduced rates offer lower monthly mortgage payments, increased purchasing power, and a greater chance to meet debt to income (DTI) ratios and qualify for a loan. Secondly, we are officially in April! A recent report by Realtor.com states that the best day for homes in Southern California to list is April 14th. In fact, homes listed in the first part of April receive greater online views, increased buyers, higher sales price, and quicker sales. This is primarily due to home buyers’ desire to close their purchase transaction just in time for summer, when their kids are on summer vacation from school. Allow me to elaborate.
Rates Have Dropped Dramatically
As mentioned, mortgage rates have dropped dramatically. Actually, they have recently fallen more in a single week than they have in any one week period in more than a decade. For example, the 30-year fixed loan plummeted 27 basis points and the rate now stands around 4%. With such lower rates, monthly mortgage payments drop. With reduced monthly payments, borrower’s DTI also drops, increasing the number of qualified buyers. In other words, a reduced monthly payment means less monthly debt, which means reduced risk and a higher likelihood of qualifying for a loan. Similarly, with increased affordability, homebuyers can in turn afford to purchase a larger and more expensive home. Such massive drop in rates comes just in time as the busy spring home buying season kicks off. If you are thinking of purchasing or selling, this is the time to take advantage of this historical moment.
April Is The Month To List
Although anytime can be a great time to list and sell a home pending on a multitude of circumstances, certain times strategically make more sense than other – and right now makes sense. Generally speaking, home buyers (particularly those with families), prefer to move during summer when the kids are on break from school. Knowing that it takes time from listing to closing, buyers start their home search in April. Due to this, homes listed in early April receive 14% more online views and are likely to sell six days faster, when compared to listings on other days of the year. Additionally, homes sold in April are also priced six percent higher than those sold in January.
That said, however, the majority of home sellers don’t list their home till later in Spring, meaning there is less competition early spring (early April) for home sellers.
With less competition and increased home buyers, strategic sellers looking to sell their home for more and in less time list now. If you haven’t recently downloaded the latest value of your home, you can do so at www.MyInstantHomeWorth.com.
Many of you have been asking how is it that my listings go into escrow in as little as 2 or 7 days. Quite Frank(ly), it’s due to all the details. Outside the fact that rates have dropped massively, home values are continuing to rise, and we’re kick-starting the spring real estate season, if you’ve been following me on social media, then hopefully you have seen a glimpse at how much work and attention I place into each one of my listings. From ensuring the property is priced accurately for a successful sale to strategically marketing it to the proper audience (i.e. via professional photography, videography, search engine optimized website, internet marketing, networking, social media, email campaigns, direct marketing campaigns, etc…), each property receives my personal attention, a strategic approach, and a detailed touch.
Considering selling your home too? Let us help you next. Find out how much your home is now valued at: www.MyInstantHomeWorth.com
Questions? Feel free to send me a PM or call/text me at 562-754-2099.