Podcast 2/9/24

🏠🌷 Don't Wait Until Spring to Sell Your House 🌷🏠

Thinking about making a move this year? Don't feel pressured to wait for spring. Here's why:

1️⃣ **Lower Mortgage Rates**: Mortgage rates are on the decline, making it an affordable time to move. Plus, more buyers are entering the market, boosting demand for your house.

2️⃣ **Beat the Competition**: While there are still more buyers than available homes, sellers are re-entering the market. List your house now to stand out and potentially receive multiple offers.

3️⃣ **Rising Home Prices**: Experts predict home prices will continue to rise. Selling now could help you buy your next home before prices climb even higher.

4️⃣ **Leverage Your Equity**: Homeowners have significant equity, which can cover a substantial part of your next home's down payment.

Ready to make a move? Let's start the process now and get ahead of the competition. Don't forget to check out our fantastic "House of the Week" in Woodbine, featuring a beautiful landscape and a great commuter location. 🚀🏡 #RealEstate #HomeSelling #SpringSelling

Andy Webb:

I'm Andy Webb.

Jay Day:

And I'm Jay Day.

Andy Webb:

of the Day Home Team at LPT Realty with this week's WFRE Jay Day Real Estate Podcast. Now Jay, we are still here in February. We're in the winter months, but does that necessarily mean that I should wait to sell my home until the spring? Should I sell it now versus the spring? Does that even matter?

Jay Day:

Well, it's funny because a lot of people, when we talk with them, they're like, oh yeah, I know. It's interesting because they'll start it out with, first it was the holidays. I know the holidays aren't a good time to sell my home. And I'm like, that's not true. People that are serious are going to look, people have situations, they're relocating for work. There's all types of things that happen. And honestly, we have, yes, a lot of homes, more homes sell in the spring because more homes are listed during the spring. It's a correlation of if you only have 10 homes on the market, and again, this is a really low number, but if you have 10 homes on the market in the winter, you only have the potential of 10 home selling. If you have a hundred in the spring, of course you're going to have a higher number of home sell because you have more available. Now, we've always told our clients that there's no reason to have to wait for the spring, and that's not selfish reasons for us. It's not like, oh, we need to sell all the time. We will always have inventory to move and we will always be selling homes. But think about it from this perspective. When your home or when you're selling anything, let's just talk about a, let's say you have car. If you had a used car and during Covid when there was this lack of inventory of vehicles and you went to sell your used car today versus selling it a year ago, do you think you would've got more for it a year ago? Assume that the mileage was the same. You were getting more because there was less competition, there were less people selling, there was less available. So when you go on the market outside of the peak time, you have less competition, which means you could have more offers, you may have better terms because the person that has to relocate for work, the person who unfortunately is going through a divorce and had to sell the home and now has to move somewhere else, all of these different things, their time comes when it comes. They're not going to say, oh, I'm going to wait till the spring before I buy a house.

Andy Webb:

Life happens when it happens.

Jay Day:

And you've got to be there to even be a possibility. And like I said, it always baffles me when we hear other agents telling people, oh yeah, spring market or you don't want to sell right now. And I'm like, they just don't understand supply and demand. And like I said, just the simple thing of if you only have 10 homes to sell versus a hundred, of course you're going to always say, oh, there's more homes that sell in the spring, more that's there. Sure. And the most simple way I explained it, like I said, is with the car inventory thing. I mean, it was crazy how much dealerships were paying just to get used cars. It was insane. They were paying over Blue Book and it was just because there wasn't any available. Now when you go to car lots, they have a lot of new inventory, they have a lot of used inventory that it's flip flopped and it all takes into effect on that. And now we are in a situation, so we talked about getting ahead of the competition. It's the same thing. Let's say you're in a neighborhood and there's only one other home on the market or say there's none. There's a lot of neighborhoods where there's no competition. If somebody really wants to be in that location and there's no competition and they need to be there for, they're relocating, they need to be there for school or the divorce situation. Let's talk real life stuff. Okay, husband and wife getting a divorce, they live in Neighborhood X, their kid goes to school in Neighborhood X, they sold their single family, now they have to buy town homes. There's only one town home available, and they don't want to have their kid change the school and there's no rentals.

Andy Webb:

What do you do?

Jay Day:

Yeah, so they're looking for, you may have the one thing that they absolutely need if you go into the spring market and there's 10 to choose from, yours is going to have to look the best, smell the best, maybe even price the best. You're setting yourself up to possibly have a lower number, or they might pick something that's prettier than yours.

Andy Webb:

They may make you jump through more hoops to get their vote.

Jay Day:

So keep that in mind. And again, we definitely saw an uptick towards Q4 of last year and into this year with the mortgage rates again hitting. I mentioned this in the last podcast. We've been in the upper fives, lower sixes where we were pushing eight. So those rates have definitely gotten people off the fence. So if you're thinking about it, we're already getting close to spring. We really are. If you've been thinking about, you're like, oh, I want to go on the market in April, just give us a call. Go to our website, fill out a form. No, we are not high pressure salespeople. We talk to our people about, Hey, what are your plans? How do you see this? What is the perfect world? In the perfect situation, what would you like? You want to be at this place by this time? I'll give an example. I had somebody in Sharpsburg that we sold last year, and I talked to them a couple months before we needed to go on the market. And their goal was, they're like, we do not want to have another winter here. We don't want to have to move in the winter. We don't want another winter here. We just want to be gone. And it's funny because I actually just texted with them last week, checking in on them to see how they're enjoying life. And I said, you ended up missing the two snowstorms. I'm like, talk about perfect timing. They're enjoying lake life. They're enjoying retirement and not having to worry about having to shovel out that long driveway, having to do all these different things. And one of 'em was saying that she was enjoying her patio time. Well, her husband was enjoying the patio time with the dog. Again, just enjoying life, which is we don't work hard to not eventually just enjoy things. We work hard for a reason to be able to have the life that we want to have and to be able to provide the life for our families that we want to be able to provide.

Andy Webb:

And when that time comes, you know when it's there, and it may not be spring, it may be winter time.

Jay Day:

And again, no pressure. You can always visit our site dayhometeam.com, our phone number's on there, and we'll just talk with you. Even if you're thinking about doing something next year, it doesn't hurt to try to get the plan in action so that we can get you to where you need to be in the timeframe that works best for you and your situation. You ready for the house of the week?

Andy Webb:

Lay it on me. I'm ready.

Jay Day:

Alright. 14880 Old Frederick Road in Woodbine. This one is a steal on the market for 500,000. 4 bedrooms. One full, one half bath. This is situated on over one and a half acres. It's a flat lot. It's in Western Howard County. That's right. A detached home, one and a half acres for a half a million dollars. This is not going to last. It is surrounded by picturesque farms. There's a detached, oversized two car garage, a screen porch patio. If you're into landscaping, if you're into all of that, they have a ton of really cool trees, plants, flowers, and it's a great commuter location too. Woodbine, Howard County, 500,000 for a detached single family home with a detached garage. Go to wfre.com. Look up Tom and Jay's real estate podcast. You'll see photos. If you like what you see, you can click on the button to schedule showing and one of our agents will get you out there for a private tour.

Andy Webb:

Tell all your friends about the Jay Day Real Estate Podcast and let them know more about what's going on in the real estate market. I'm Andy Webb.

Jay Day:

And I'm Jay Day.

Andy Webb:

of the Day Home Team at LPT Realty with this week's Jay Day Real Estate podcast. 

 

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