Spring has sprung, the grass is ris. Wondering where the homebuyers is?
They could be coming soon! While the real estate industry marks the Super Bowl as the official kickoff to the spring home selling season, data shows that sellers are actually more active from April to June.
Talk about perfect timing! If you’re ready to spring forward, here are some tips to get ready to sell!
Finding your “seller sweet spot”
Traditionally, the spring home selling season marks a significant uptick in home sales, with warmer weather and April showers contributing to a home’s curb appeal and many home seekers actively looking to buy within the next few months to take advantage of moving during the summer break in the school calendar.
Picking the right time to sell – and buy – is, of course, dependent on many factors, especially in today’s real estate market with concerns around interest rates, housing affordability and availability. But despite these challenges, according to a recent article in Forbes1, 2024 could be the rainy day sellers have been waiting for to sell their home.
Setting the stage for a seller’s “sweet spot” this year is a larger potential pool of buyers (perhaps up to 18% more than last year, according to the Forbes article) based on:
- A decrease and/or stabilization of interest rates. In a recent survey commissioned with Harris Poll, Forbes found 50% of respondents say an interest rate of 6.5% or less would prompt them to look to buy a home. As of March 31, 2024, the average 30-year-fixed mortgage APR was 6.70%.2
- Boom in Boomers retiring. Did you know there’s a so-called “Silver Tsunami” under way? Boomers have surpassed Millennials to become the largest generation of home buyers. With the youngest Boomers beginning to retire, there’s an opportunity for significant growth in sellers beginning this year.
- Motivation for homeowners to sell their current one and buy a new-construction home. Continuation of new home construction and builder incentives such as rate buydowns, extended rate locks and discounted closing costs helped bring down the average price of newly built homes ~16% last year, which is helping on the affordability and availability home front.
Spring selling tips
So, what should you focus on this spring home selling season before putting your home on the market? After a thorough spring cleaning, here are some tips for attracting more buyers and perhaps even higher offers.
- Spruce up Outdoor Spaces: Curb appeal is your calling card and the first impression buyers have of your home. A study by Virginia Tech found that homes with nice landscaping and curb appeal sold for 5.5% to 12.7% more than homes with average or poor landscaping.3 Add some potted plants, trim up landscaping and update (or at least clean) outdoor furniture to pique potential buyer interest in what’s inside.
- Declutter: To highlight your home’s best features, remove personal items and excess furniture to create a sense of space that allows buyers to feel at home.
- Freshen Up with Paint: Spring for a fresh coat to revitalize your home’s interior and exterior. Stick to neutral tones to appeal to a broad range of buyers and to create a clean, cohesive look throughout your home. Bonus tip: Painting your front door black could add as much as $6,4504 to your sales price.
- Focus on Key Areas: Prioritize updates and repairs in high-traffic areas such as the kitchen and bathrooms. Consider minor upgrades like replacing outdated fixtures, updating cabinet hardware, or installing new countertops to add value and modernize these spaces.
- Maximize Natural Light: Make the most of spring’s abundant natural light by ensuring windows are clean and curtains or blinds are open during showings to create bright, airy more inviting spaces.
- Invest in Professional Staging: Professional staging can significantly impact how buyers perceive your home. Consider springing for a staging expert to showcase your property’s best features.
- Highlight Energy Efficiency: Sustainability and green energy features are a huge trend and high on buyers’ ‘must-have’ lists. Highlight any energy-saving upgrades such as solar panels, programmable thermostats, or energy-efficient appliances to appeal to eco-conscious buyers.
Use these tips to take advantage of this spring’s home selling season and maximize its sales potential. Happy home selling!
2Compare Current Mortgage Rates | U.S. News (usnews.com)
3How Much Does Curb Appeal Really Matter When Selling Your Home? (msn.com)
4The Benefit Of Painting Your Front Door Black, According To A Home Trends Expert (housedigest.com)