This year is the best time for you to sell your home.
"The 2016 housing market is forecasted to be mainly a seller's market, filled with increasing home prices, relatively low inventory, and fierce competition between buyers," says Jonathan Smoke, chief economist for realtor.com.
What's left for you to worry is the amount of time it will take you to sell, especially that in real estate, time is equal to money.
"For sellers, it's about understanding the ins and outs of their local market so they can optimize the price of their home and close quickly," Smoke says.
By analyzing the market trends, smoke and his team are able to come up with a list of the most important advice that home owners who are looking to sell in 2016 should know:
Price your home to the market
"What Realtors® tell me over and over again, and from the analysis that I've seen historically, the most important thing is getting the price right," Smoke says.
In 2016, prices are forecasted to increase 3% nationally year over year, with the local market expected to see dramatic price changes such as Stockton, CA, and Las Vegas, NV, expected to increase by 10%. However, it could be different stats for your town or neighborhood.
"Making the error of going for a price that's well above the market price is a recipe for being let down and potentially not selling the home at all," he adds. A property that sits on the market could send the wrong message to potential buyers.
So it is important to work with the right Realtor who can help you highlight the best features of your home and neighborhood to achieve the optimum price for your property.
List during peak season
While buyers evade competition, sellers benefit from the demand. Based on Realtor's analysis on home sales, April is when home buying season begins and peaks in June. Listing your property during prime months could bring a large number of buyers and potential bidding wars that can result to higher prices and quicker closings.
Offer incentives
In the previous year, 37% of sellers said they offered incentives in order to attract buyers.
"The nature of this market is that you're going to have more first-time buyers, who are more dependent on financing," Smoke says. While getting a loan is one major thing, raising money for closing costs is another - and that's on top of the down payment.
"If you're a seller and you're able to offer some money toward closing costs, you're actually making it easier on that buyer, and they might be more willing to give you the full asking price," Smoke explains.
