Spring home sales should be speedier
Here’s a quick recap of why selling can be smarter in the spring:
- Springtime normally shows an influx of buyer activity, and it’s an ideal time for sellers to take advantage. NAR’s Existing Home Sales report showed that home sales expectedly decreased in March related to the coronavirus, but home prices are still holding strong.
- Sellers who may have been reluctant to list in the past few years because of a lack of inventory (making it harder to find a new home) are now considering it. Virtual home tours and remote closings are making this possible.
- Spring is also a favorable season for move-up buyers. For those with strong job security, trading up now might be more affordable before typical housing market activity resumes and housing prices increase.
In competitive markets, buyers have to do whatever they can to grab a seller’s attention. This includes getting prequalified for a mortgage early, letting a buyer know exactly how much house they can afford before they start hunting.
Find out more about the benefits of selling this spring.
For sellers, an uptick in early approvals makes the selling process much simpler and quicker. Ellie Mae’s recent Origination Insights Report shows that the time to close on a mortgage has dropped to as few as 43 days.
Select mortgage lenders offer a 10-Day Close any time of year, as well as remote closing capabilities. Many buyers use this as a bargaining chip in bidding wars to give sellers an assurance of closing and moving into a new home over four weeks ahead of the industry average.
Want to move even faster?
Get prequalified before you list, and once you find a new home you love, you can get closed in 10 days.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources deemed reliable but not guaranteed.