In the U.S. summer time is housing’s peak season! If you are one of the millions of homeowners who are hoping to capitalize on today’s red-hot market activity there is a lot you need to know. Here are some vital home selling tips on how to take advantage of the real estate’s most active season:
Strike While the Iron's Hot:
Across the nation homebuyers typically begin searching for properties in March and April and then really start to pound the pavement and get down to business after Memorial Day. According to Trulia.com the volume in home sales in June is normally about 29% above the annual average. (In Nashville it is up by 9.4% in June) During the months of July and August inventory continues to rise due to many sellers missing the sales peak. This peak in June and July indicates that many homebuyers prefer to move in the summer time while school is out and the weather is pleasant. In fact more buyers are intent to close in the summer than any other time of the year. So take advantage of the surge of activity. Get your home ready and on the market now and strike while the iron is hot!
Mortgage Qualifications More Lenient:
Fannie Mae (FNMA) and Freddie Mac recently announced that they will be relaxing some of the bank lending rules. According to Wells Fargo & Co., which is the largest home lender in the U.S., they have reduced its minimum credit score for borrowers from 660 to 620, followed by similar adjustments being made by smaller banks. This increase in qualifying flexibility is a positive sign for hopeful homebuyers come the end of summer.
According to Trulia.com interest rates on a 30-year-fixed-rate mortgage rose from a record low of 3.31% in November 2012 to 4.58% in August 2013. Optimistically however, rates fell last month to 4.21% showing a good sign that rates will continue to taper down. These falling rates are just another incentive for summer home buyers.
Take Advantage of “Outdoor”Weather:
The warmer weather that summer brings means you’ll be spending more time outdoors. Use the weather to your selling advantage. You’re not just selling the living space that exists within the interior walls of your home. Your outdoor space can be a huge selling point as well. So spruce up your back patio by adding some cozy and inviting outdoor furniture; tables and chairs, cushions, outdoor candles, etc. Clean up your barbecue area and stage it with a nice set of utensils. Make your outdoor space an attractive setting for relaxation in the afternoons, or for having guests over for barbecues. If you have a pool keep it clean with nice lounge chairs or a table with an umbrella. Use folded up terry cloth towels and robes and place them neatly on chairs and tables to give your pool a resort-like feel. Get creative so that potential buyers will think, “I can totally live here!”
Summer Curb Appeal:
Although having attractive curb appeal is important no matter what time of year you are selling your house, summer is the perfect season to really make your property stand out. Lawns have grown in nice and thick and shrubs and trees are lush offering shade on your property. Seasonal plants such as bulbs and bromeliads are colorful and alluring. Choose two different types to edge walkways and flower beds. Using contrasting colors highlights the property giving it a well manicured and sophisticated look. You want to stand out from your neighbors, especially those who might be on the market as well. Grass and shrubs can dry out quickly in the unforgiving heat so be sure to keep your lawn well watered and mowed. Prune back any excess tree branches that might hinder the view of the front of your house. You also don't want your yard loking too shaded and gloomy.
Beat the Heat:
Make sure to have your HVAC checked prior to listing your home. You want to be sure your home is a cool oasis from the summer heat for all showings and open houses. It is also a good idea to set your thermostat a few degrees cooler than usual to compensate for the constant opening and closing of doors when your house is being viewed.
A Nice Touch With Summer Refreshments:
Most home buyers spend their weekends perusing properties and open houses and
getting in and out of cars in the summer heat. It is always a nice touch to have refreshments available to welcome them into your home. Pitchers of iced tea or water with lemon slices is an inexpensive way to cool down your guests. Refreshments also encourage buyers to relax and take it easy which means spending more time in your home. Remember, the more time prospective buyers spend in your home the more likely they will get comfortable and imagine living in your home!
Reference: Trulia.com; Realtor.org; Wellsfargo.com
If you or someone you know is interested in buying or selling
a Nashville Home please contact:
The Lipman Group | Sotheby's International Realty
Office: (615) 463-3333 / Cell: (615) 509-1753