I'm thinking of selling. When's the best time?

In a normal market in upstate SC, the best time to sell is spring. I tell clients to plan to list their home in January and expect to sell by June.  Even new agents and part-time agents have good numbers in the spring.  The grass is green and everyone's thinking about change, executives that have been transferred are looking to move their families closer by when school gets out, and houses are just prettier with flowers blooming and birds chirping.

2010 will be different, however.  In 2010, I think spring will be the ONLY time to sell.  The tax incentives that reduce what buyers are paying for your home (and inflate your price) will expire April 30^th.  The fed is already talking about raising the rates banks can borrow at, which effectively reduces the amount of money any buyer can spend for the same house.  (http://online.wsj.com/article/SB125995995923777183.html?mg=com-wsj) And the Fed Reserve Program that has been buying mortgage backed securities and keeping rates low will expire on March 31^st, 2010.  So you can imagine that on May 1^st, 2010 the market will drastically change - first time home buyer houses get $8,000 more expensive, all other homes get $6500 more expensive, and rates rise from below 5% to around 7% (by industry estimates).  An $800 payment that buys $157,000 house on April 30^th (5% interest and $8,000 down) only purchases $120,000 house on May 1^st (7% and $0 down).  Does that mean your house is worth less overnight? Maybe not immediately by appraisal, but you can bet that purchases will slow down drastically until the "shock" of that changed market settles with buyers.

So if you're thinking of selling before 2011, you need to get your home on the market in the next few weeks to get the best price.  Give us a call and we'll be happy to come take a look and tell you what you can do to help your home bring the most money, what your home is worth in this market, and talk you through the process of getting it sold!  You can reach Heather at 607-1189 or Ty at 230-2070.  We can't wait to help make this move smoother than your last!