Twenty percent. That’s the magic number for a house down payment, or at least according to popular wisdom. Earlier in the 20th century, that might have been both true and achievable. But now,
Waiting To Sell Your Home Might Not Be Best
One thing you'll hear from us real estate agents who are hungry to sell your home is 'SELL IN SPRING. HOT MARKET. SELL SELL SELL!" Generally, it's a good rule of thumb - the spring real estate market is the best time of year to sell your home because more buyers are looking for homes.
But to get the real answer you need to look at your actual neighborhood. For example, in Chatham County's Briar Chapel, it doesn't really matter when you list your home. Last year, 51 resales closed in the neighborhood, and if you break down the numbers into Pre-Labor Day and Post-Labor Day, they even out.
The number of sales stay steady throughout the year and you get as much of your list price regardless of when your home sells. In fact, the only real difference in the numbers I can see is the time it takes to sell your home. In 2016, the average days on market for homes sold before Labor Day was 58. Homes that sold after Labor Day went up to 74 - but that was with a home that took 695 days to sell! Take that out and homes actually sell quicker later in the year at 41 days. Also, 22.5% of the earlier homes sold within a week. Later in the year that number rises to 30%.
Another benefit of fall listings is that you take out the "window shoppers" who are just having fun in the spring market. The people looking at houses in the fall are serious about buying. Plus, getting your home on the market now means you're much more likely to make a move before the holiday season.
So don't let the changing weather stop you from selling your home. Give me a call if you'd like more advice. I'd love to help you sell your home before the end of the year.
Michael Cunningham is a Real Estate Broker as well as the go-to tech and marketing wiz at Domicile Realty. A native of Tennessee, Michael arrived in Chapel Hill by way of Washington, DC where he help....