Tag: Home Sellers

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Buy a Home Home Purchase

2020 Fastest Selling Housing Markets: What Do They Have in Common?

Fastest-selling housing markets

As with all things for this year of the COVID-19 pandemic, the 2020 fastest selling housing markets are somewhat surprising. According to a report published at Realtor.com®, many of these markets are not the kind that usually top these lists. Using a data-driven approach, their economics team found ten zip codes in cities and towns throughout the nation that are experiencing extremely high demand and very fast home sales. While demand for more space may be part of the driving force, record low interest rates also help make the case for buying.

What are the 2020 Fastest Selling Housing Markets?

Realtor.com notes the following cities and towns experiencing excessive demand for housing:

  1. Colorado Springs, Colorado
  2. Reynoldsburg, Ohio
  3. Rochester, New York
  4. Melrose, Massachusetts
  5. South Portland, Maine
  6. Topeka, Kansas
  7. Hudson, New Hampshire
  8. Worcester, Massachusetts
  9. Springfield, Virginia
  10. Raleigh, North Carolina

8 of these markets are on the east coast of the US. Some of these markets are near larger cities. Many share some commonalities.

2020 Fastest Selling Housing Markets with Moving Incentives

At least two of the markets with high demand also feature moving incentives. Some of the moving incentives are located at the state level, while others such as Topeka’s “Choose Topeka” incentives are located within the specific market.

Maine

South Portland, Maine, may be benefiting from Maine’s Opportunity Maine Tax Credit. This incentive focuses on drawing younger residents to the state to offset its rapidly aging overall population. The state has noted that by 2026, up to a quarter of its resident will be 65 years of age or older. Thus the need for the incentive that offers recent college graduates working in the state a direct credit of their student loan payments against any state income tax.

Kansas

Topeka, Kansas, may be benefiting from its “Choose Topeka” moving incentive. Developed by a partnership between GO Topeka and local Topeka businesses, the program offers eligible participants and their employers a variety of incentives to move to Topeka:

Participant Benefits

Up to $15,000 in funds in Year 1

  • Renting: $10,000
  • Home Purchase: $15,000

Source of funds for the incentives: GO Topeka/Joint Economic Development Organization (JEDO) and Employer, match at 50%

Employer Benefits

Providing that the employer fully funds $10,000 up to $15,000 with an employee transfer to Topeka:

  • After Year 1, GO Topeka/JEDO reimburse up to $5,000 ($10K) or $7,500 ($15K) to employer for employee retention

2020 Fastest Selling Housing Markets with Proximity to Larger Cities

Seven of the markets with high demand are located very near much larger cities that have a wide range of amenities. Demand may be increasing due to a variety of factors, such as greater affordability compared to the larger city, or demand for more space as a result of the pandemic encouraging social distancing.

Boston

The markets of Worcester, Massachusetts; Melrose, Massachusetts; and Hudson, New Hampshire offer proximity to Boston, one of the most desirable cities on the East Coast noted for history, education, and technology. While Worcester and Hudson are nearly an hour or more drive from Boston, Melrose is just about 20 minutes from downtown.

Columbus

The market of Reynoldsburg, Ohio, offers close proximity to the state’s capital city of Columbus. Home of Ohio State University, Columbus is filled with cultural attractions, theaters, a bustling nightlife, and beautiful historic sections such as German Village.

Denver

The market of Colorado Springs, Colorado is located nearly 80 miles south of downtown Denver. The city is a growing tech hub, with many businesses relocating to or expanding in Denver to gain access to its amenities, surrounding mountains with abundant natural beauty, and highly educated workforce. Growth in Denver and surrounding cities is pushing Colorado Springs to become one of the 2020 fastest selling housing markets.

Portland

The market of South Portland, Maine, shares part of a border with Portland, and is located directly south of the larger city. Portland is the state’s largest metropolitan area and serves as the economic hub of Maine. Offering a beautiful setting along Casco Bay, U.S. News and World Report ranks Portland at #23 in Best Places to Live, and #7 in the Best Places to Live for Quality of Life out of 125 US metropolitan areas.

Washington, DC

The market of Springfield, Virginia offers close proximity to the nation’s capital. Washington is one of the most visited cities in the US, offering an abundance of iconic sights, national history, and cultural attractions. Technically not a city or a town, Springfield is a “census-designated place” in Fairfax County. The place is just about 30 minutes from downtown.

2020 Fastest Selling Housing Markets in Their Own Right

Both Rochester, New York, and Raleigh, North Carolina qualify as a fastest selling market in their own right. Both of these cities may be benefiting from several unique factors such as the “Work from Anywhere” trend, economic growth initiatives, and local housing affordability.

Rochester

Rochester is the third largest metropolitan region in New York. Offering comparatively affordable housing options, with a cost of living index of 78.4, much lower than average. The median home price in Rochester is about $75,000. By comparison, the cost of living index in Manhattan is 258.3, with a median home price of $1,202,300.

Raleigh

Raleigh and its surrounding metropolitan area is a growing tech hub within the Research Triangle Region. The city is also home to SAS, the world’s largest private software company. Raleigh has been noted as one of the Top 10 fastest growing cities in the nation.

What Does This Mean for the 2020 Fastest Selling Housing Markets?

Home buyers with the flexibility to locate in other markets should be aware of the 2020 fastest selling housing markets. With demand increasing and days on market declining, interested buyers should work with knowledgeable and experienced real estate agents. Employers with new hires and transferees who are looking to purchase a home one of the 2020 fastest selling housing markets should work with a Relocation Management Company (RMC). RMCs that have knowledge and experience with relocations are ideal sources for information relating to local housing market requirements.

The GMS network of real estate agents consistently leads the industry in the way its top agents market homes. Each agent has access to the latest technology and best practices for marketing real estate. They will understand how to approach the dynamics of housing markets undergoing extremely high demand.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. Our network of top agents market homes following industry best practices. They will help home buyers and sellers understand how to be successful in the 2020 fastest selling housing markets.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Contact our experts online to learn more about the 2020 fastest selling housing markets, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

Categories
Corporate Relocation

Virtual Staging: Increasing Your Home’s Appeal to Buyers

Virtual staging to increase your home's appeal to buyers

Many home sellers with vacant properties can increase their home’s appeal to buyers through virtual staging. Virtually staging a property is a cost effective option that provides sellers with attractive listing photos. These photos can be used in brochures, online listings, and other home marketing materials. As a result, buyers are more likely to show stronger interest in the home. Also, the photos will attract a much larger buyer audience.

What is Virtual Staging?

GMS spoke with Jay Bell and Krisztina Bell, Founders and Marketing Directors of Virtually Staging Properties (VSP). Jay and Krisztina agreed to share their industry knowledge on virtual staging and other aspects of staging properties to increase their appeal to buyers.

The Virtual Staging Process

According to Jay and Krisztina, virtual staging done by VSP starts with actual photographs that sellers provide. The process includes:

  1. Seller provides actual photographs to VSP
  2. VSP Professionals review the property details provided and develop a staging plan
  3. Current furnishings and décor are utilized to provide superior results and unmatched realism
  4. Photos are transformed into warm, inviting and attractive images that are transmitted to the client for use in marketing the property

The process results in significantly more attractive images that appeal to buyers. High quality and visually appealing photos show buyers what the home will look like with beautiful furnishing and professional staging. Buyers are more inclined to purchase when they see dazzling and engaging photos.

What are the Benefits of Virtual Staging?

Jay and Krisztina note a continuing trend toward a “virtual world” where the percentage of buyers who bid on homes without even seeing them keeps increasing. Home sellers want these buyers to see their property as attractive. In a virtual world, virtual staging has risen in importance to sellers. Benefits of this service include:

  • Customized approach fits every client’s needs
  • Home’s unique characteristics are highlighted
  • Cost effective solution appeals to budget-conscious clients
  • Works in any space: main living areas, flex rooms, outdoor areas
  • Quick turnaround time of approximately 2 business days once client correctly submits their order

VSP offers cost effective solutions that cover a number of scenarios and packages:

  • Pro Virtual Staging exclusively for professional home stagers and interior designers
  • Custom Virtual Staging
  • Express Virtual Staging (using furnishing from the VSP Express Inventory)

Virtual Staging Costs Versus Traditional Home Staging Costs

One of the greatest benefits of virtual staging is how the cost compares to traditional home staging. On average, clients using virtual staging receive a range of photos they can use for a one-time cost. VSP has options ranging from $39 per photo for Express to $60 per photo for Custom, with the total cost for a typical set of 5 staged photos ranging from $195 to $300 respectively.

By comparison, costs for traditional home staging are much higher. They may include $300-$600 for the first consultation, and $500 to $600 for each staged room on a monthly basis. Combined with a staging contract three-month minimum, and costs per month could rise to $2,000 or more. For traditional home staging, a total cost at the end of a three-month minimum contract may be over $6,000.

Combining Virtual Staging with Traditional Home Staging Provides the Best of Both Options

Jay and Krisztina offer both virtual staging and traditional home staging to their clients. These services have become complimentary marketing tools with agents and sellers. Their clients appreciate that they can traditionally stage all the main areas in a vacant listing and virtually stage other flex rooms and outdoor spaces while staying within their marketing budget.

Three major benefits of this approach include:

  1. Offering a form of staging that is economical for smaller budgets
  2. Assisting clients who do not want to have furnishings brought into their home
  3. Offering another option for clients who request furnishings they may not keep in their inventory

What Does This Mean?

Home sellers who are looking for a cost effective solution that will create attractive and realistic photos should consider virtual staging. Companies such as VSP offer a variety of solutions that can be customized to fit each client’s specific marketing needs. As a result, sellers will receive photos that draw interest from buyers. Sellers will also be able to reach a wider audience of buyers with their virtual staging photos.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. Our network of top agents market homes following industry best practices. They will have knowledge that helps home sellers understand the best and most cost effective solutions to marketing their homes such as using virtual staging to create visually appealing photos for marketing materials.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Contact our experts online to learn more about home seller marketing solutions such as virtual staging, or give us a call at 800.617.1904 or 480.922.0700 today.

Categories
Buy a Home Home Purchase

Mortgage Appraisal Versus Relocation Appraisal: What are the Differences?

A family with the realtor in front of the house they just had appraised

How does a Mortgage Appraisal compare to a Relocation Appraisal? Many Global Mobility Solutions clients offer home sale programs as part of a transferee’s relocation package. To facilitate the home sale, two appraisals are required. However, these two appraisals have very different purposes. Understanding these differences is important for clients as they work with their Relocation Management Company. Knowing the differences will help clients manage a successful relocation.

GMS spoke with Joe Gurth, Vice President at Fidelity Residential Solutions who agreed to share his advice and guidance on the differences between a Mortgage Appraisal and a Relocation Appraisal.

What are the Differences Between a Mortgage Appraisal Versus a Relocation Appraisal?

According to Joe Gurth, Fidelity Residential Solutions identifies 8 clear differences between a Mortgage Appraisal and a Relocation Appraisal. GMS clients should learn about these differences. They should also understand how the differences relate to their company’s relocation program.

In looking at these two types of appraisals, it is evident there are significantly vast differences in four distinct areas:

  1. Purpose
  2. Use
  3. Marketing
  4. Analysis

Reviewing these four areas with a goal of identifying the 8 clear differences between a Mortgage Appraisal and a Relocation Appraisal will provide important insight and clarity.

Area #1: Purpose of a Mortgage Appraisal versus a Relocation Appraisal

  1. A Mortgage Appraisal has a singular purpose: to provide an estimate of the home’s market value. This value may not correspond with the sales price on the purchase contract. In fact, some homes may appraise for more than the contract sales price. Alternatively, some homes may appraise for less than the contract sales price. By comparison, a Relocation Appraisal is meant to provide an estimate of the anticipated sales price. The value of the home is not a factor in a Relocation Appraisal; the only factor is the sales price.
  1. When a Mortgage Appraisal is created, the decision making timeframe is long term. Some mortgages may have a life of 30 years. As a result, mortgage lenders peer into the distant future to help ensure the home’s value will remain intact over the mortgage’s life term. By comparison, a Relocation Appraisal has a short term timeframe for decision making. This short timeframe may cover only up to 120 days. During these 120 days, the transferee’s relocation process will undergo planning, review, and implementation.

Area #2: Use of a Mortgage Appraisal versus a Relocation Appraisal

  1. A Mortgage Appraisal is meant to help facilitate the mortgage lending process. It is the mortgage lender who receives the Mortgage Appraisal. The lender may examine various indicators that reflect the home’s value, its condition, and other factors as they consider their lending decisions. By comparison, a Relocation Appraisal is only intended to help facilitate a corporate relocation. It is the client who receives the Relocation Appraisal. The client may be looking at indicators that relate to how long the home may stay on the market before it is sold. Most Client Relocation policies require two Relocation Appraisals be completed, then typically average those results to create the Corporate Buyout Price.

Special Appraisal Forms

  1. A Mortgage Appraisal is prepared using the Uniform Residential Appraisal Form (1004). This is conducted by a trained and licensed Mortgage Appraisal professional. These professionals usually work for a licensed Appraisal Management Company. This appraisal professional is working for the mortgage lender. By comparison, a Relocation Appraisal is prepared using the Worldwide ERC® Summary Appraisal Form (updated 2010). This is conducted by a trained and licensed real estate appraisal professional following Worldwide ERC®’s specific set of definitions and guidelines. This appraisal professional is working for the client.
  1. Included in a Mortgage Appraisal are points covering the design and appeal of a home, however these are not necessarily the major points for a lender’s consideration. By comparison, for a Relocation Appraisal the design and appeal of a home are of critical consideration. The short timeframe of a Relocation Appraisal (up to 120 days or 4 months) means design and appeal may have a significant impact on the corporate relocation process.

Area #3: Marketing Time and Market Value of a Mortgage Appraisal versus a Relocation Appraisal

  1. A Mortgage Appraisal’s marketing time may be thought of as comparatively unlimited. It is not tied to a specific, time-defined process. Mortgage terms have note specific dates, but dates may be able to change if the lender agrees. Terms such as the interest rate or points might also affect the timing. By comparison, a Relocation Appraisal is most certainly tied to a specific time-defined process. Marketing time is not to exceed the 120 days/4 month timeframe that covers the transferee’s relocation process.
  1. A Mortgage Appraisal is conducted only after a home has already been on the market. As a result, changes may have been instituted for the home’s marketing program prior to the appraisal. Any number of other factors may also have changed, perhaps in response to marketing feedback or issues homeowners have taken care of. All of this information may impact the market value of the home, and as a result may impact the Mortgage Appraisal. By comparison, marketing a home occurs after the date of a Relocation Appraisal. Also, each Appraiser must make an opinion about the time the home will be on the market.

Area #4: Retrospective Analysis with a Mortgage Appraisal versus a Relocation Appraisal

  1. What is a retrospective analysis for an appraisal? Such an analysis is an overall review of factors that could impact the appraisal’s results. These factors may include risks that could affect the sale price of the home. This information is specifically used for forecasting purposes. A Mortgage Appraisal does not provide for any forecasting in a retrospective analysis. By comparison, a Relocation Appraisal does include an element of forecasting. This is important for clients and their budgeting processes. With a forecast, clients can further understand aspects of the Relocation Appraisal that may impact budgets in the future.

What Should Employers Expect?

It is important for employers to expect that transferees who may be part of a home sale program during a relocation may not clearly understand the differences between a Mortgage Appraisal and a Relocation Appraisal. Employers should also expect that they are the client for the Relocation Appraisal. As a result, it is the employer who will receive the Appraisal from the professional.

What Should Employers do?

Employers should understand the difference between a Mortgage Appraisal and a Relocation Appraisal. Employers should determine how best to communicate guidance for their transferees. They may have a number of questions regarding their home’s Mortgage Appraisal versus the Relocation Appraisal. It is important for employers to work with their Relocation Management Company to understand the purpose and use of a Relocation Appraisal and how it relates to their company’s relocation and home sale program.

Conclusion

Global Mobility Solutions’ team of global relocation experts has helped thousands of our clients with their corporate relocation programs. We can help your company understand the differences between a Mortgage Appraisal versus a Relocation Appraisal. We can also help your company understand how these appraisals relate to your company’s home sale program with the expert assistance of Joe Gurth and the team at Fidelity Residential Solutions.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to learn more about the differences between a Mortgage Appraisal versus a Relocation Appraisal, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Domestic Relocation Trends Home Purchase

Virtual Experience in Real Estate

Couple using VR headset at home, having fun.

Many real estate activities can easily be done through a virtual experience. This allows home buyers and sellers a greater measure of flexibility to fit their needs. It also helps the real estate industry comply with guidelines set in place regarding the COVID-19 pandemic. By working with a Realtor® who is adept at utilizing a virtual experience for real estate activities, home buyers and sellers can have peace of mind.

What is a Virtual Experience in Real Estate?

GMS spoke with Ann Anderson, Relocation Director at Leading Edge Real Estate. The company has been perennially noted as one of the Top Places to Work by The Boston Globe. Ann agreed to share her industry knowledge and market expertise on what a virtual experience is in real estate.

COVID-19 and Real Estate

Ann believes that our experience with COVID-19 will change the way we all live, work, and play. For Leading Edge, their number one priority is the safety of their clients. As such, the company has adapted their buying and selling processes with a focus on client safety. Ann notes that Leading Edge is able to provide an almost 100% virtual experience for their clients.

What is the Home Buyer Virtual Experience at Leading Edge?

According to Ann, for home buyers looking to purchase a home that is currently occupied, Leading Edge and other top-notch real estate companies GMS works with now offers the following process:

Consultation, Online Views

  1. Virtual consultations using popular meeting platforms such as Zoom or Google Hangouts
  2. Document signatures captured electronically using Dotloop real estate transaction management solution
  3. Online searching for homes
  4. Virtual experience tours of homes, either 3D virtual tour online, or a live virtual tour (open house or private showing)

Offer, Contract, Deposit

  1. Electronic offer submittal (once seller receives an acceptable offer, that specific buyer can see the property in person within 24 hours; following the viewing, the seller will execute the offer)
  2. Contract to purchase the home is executed electronically
  3. DepositLink is used to electronically transfer the deposit

Inspections, Appraisal, Financing, Closing

  1. Inspections are ordered and conducted (if not waived)
  2. Appraisal is completed
  3. Smoke and Carbon Monoxide (CO) detector inspection can be deferred for 90 days after restrictions are lifted (buyer responsibility)
  4. Buyer obtains financing commitment if applicable
  5. Title 5 Septic System Inspection if applicable
  6. Final in-person walk-through (if not waived)
  7. Closing

Ann states that Leading Edge has received many favorable comments from home buyers about the ease of use for these virtual services.

What is the Home Seller Virtual Experience at Leading Edge?

Similar to the experience for home buyers, Leading Edge now offers the following process for home sellers of occupied homes:

Consultation, Digital Marketing

  1. Virtual consultations using popular meeting platforms such as Zoom or Google Hangouts
  2. Document signatures captured electronically using Dotloop real estate transaction management solution
  3. Virtual walk-through and preparation for the home: Leading Edge provide home sellers with guidance on staging and de-cluttering the home; each listing will have a seller’s description; sellers can take photos and Leading Edge will create a video tour of the home and a digital brochure.
  4. Virtual experience “Open House” event with advertising and promotion; seller will conduct a live video tour during the Open House and Leading Edge agent will be online to answer questions
  5. Virtual private showings that Leading Edge will schedule; seller will conduct a live video tour for the showing and Leading Edge agent will be online to answer questions

Offer, Contract, Deposit

  1. Electronic offer submittal (once seller receives an acceptable offer, that specific buyer can see the property in person within 24 hours; following the viewing, the seller will execute the offer)
  2. Contract to purchase the home is executed electronically
  3. DepositLink is used to electronically transfer the deposit

Inspections, Appraisal, Financing, Closing

  1. Inspections are ordered and conducted (if not waived)
  2. Purchase and Sale agreement is executed
  3. Appraisal is completed
  4. Smoke and Carbon Monoxide (CO) detector inspection can be deferred for 90 days after restrictions are lifted (buyer responsibility)
  5. Buyer obtains financing commitment if applicable
  6. Title 5 Septic System Inspection if applicable
  7. Final in-person walk-through (if not waived)
  8. Closing

What Does This Mean?

The real estate industry has been at the forefront of adopting new technologies to assist clients. Ann notes that Leading Edge Real Estate is continually adapting their processes to focus on client safety. Additionally, the company and other top-notch real estate companies GMS works with features best-in-industry marketing practices. They also leverage the latest technologies to ensure the highest level of customer satisfaction for home buyers and sellers.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. As a result, our team can help your company learn about the virtual experience in real estate transactions. This will help employees benefit from new technologies for successful home buying and selling. It will also help ensure their health and safety under the current COVID-19 pandemic guidelines.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online to learn more about the virtual experience in real estate, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Buy a Home Home Purchase

Why Home Sellers Should Consider Placing Their Home on the Market During Winter

happy family against a country housebeautiful family against the background of the house

Some home sellers have a lot of flexibility when it comes to selling their home. As a result, they may be able to choose to place their home on the market during a season they believe is best. A common notion is that spring is the best season for home sales. But is this notion always true, in all locations? And if not, what other season might be best for home sales?

3 Reasons Why Late Spring/Early Summer is a Good Season for Home Sellers

There are several reasons why late spring/early summer is a good season for home sales:

  1. Buyers tend to come out in larger numbers after winter
  2. Families with children prefer to move when school is not in session
  3. Homes with extensive landscaping tend to have more curb appeal during spring and summer

Many home buyers in areas that have four seasons prefer to look for homes when the weather is nice. It’s a great time for buyers to get outside, after hibernating during much of winter to avoid snow and cold weather. Many home buyers use spring and summer as seasons to see what is new in nearby homes and gain ideas on how to spruce up their own home. Also, buyers with children understand they need to finalize contracts and be ready to move soon after the school year ends, usually in May or June.

3 Reasons Why Late Spring/Early Summer is Not a Good Season for Home Sellers

Just as there are several reasons why late spring/early summer is a good season for home sales, there are also several reasons why it is not:

  1. There is more competition from other homes on the market
  2. Home sellers with average homes have more difficulty capturing buyer’s attention
  3. More buyers tend to look at days on market as an indicator of home desirability

Just as some buyers prefer to venture outside after a long cold winter, so too do many other buyers. Greater competition often helps create a stronger position for home sellers, who benefit when buyers compete for their home. Insufficient levels of affordable homes in several markets, strong competition, and rising prices result in many buyers sitting out the late spring/early summer season. Also, many home buyers in late spring/early summer have no specific timeline and want to visit many homes at a leisurely pace.

5 Reasons Why Winter is a Good Season for Home Sellers

While late spring/early summer has both good points and bad points for home sellers, winter offers several distinct benefits:

  1. Winter home buyers are serious buyers
  2. Determining a realistic listing price is easier
  3. Serious buyers are less concerned about days on market in winter
  4. If you need to buy as well, you have less competitors to beat for your next home
  5. Spring will soon bring more buyers

Buyers in winter often tend to have specific needs and timelines driving their search. This means they are serious buyers, and not just a typical late spring/early summer home tourist. Home sellers can be assured that buyers truly want to purchase in the near term. Often these buyers are relocating to take a new job or to transfer with their current company.

Listing prices tend to better reflect actual market demand during winter. Some home sellers may inflate their listing price in late spring/early summer to test the waters for a higher price. By comparison, winter prices tend to be set to draw serious buyers with specific knowledge about the area, location, amenities, and comparable home prices. Buyers are less concerned with days on market than they are about the home’s features.

Winter home sellers whose home has not yet sold will benefit from the rapidly approaching spring season. As long as their home is still staged for buyers, they are perfectly poised for buyers venturing outdoors during spring.

What Should Home Sellers do During Winter?

Home sellers should consider placing their home on the market during winter. Those able to do so benefit from serious buyers, less competition, and the ability to have their home staged to sell early in spring if it has not yet sold. Also, some markets exhibit stronger buying patterns during winter. For example, Scottsdale, Arizona home sellers have been experiencing their best market during November for both lowest number of days on market and best selling price. Mortgage brokers also tend to be less busy during winter months. As a result, homes are able to move to close at a faster pace.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients and their transferees with their real estate needs when it comes to relocation. We can help your company understand how to obtain the best advantage during the winter home sellers’ market, whether selling a home as part of a relocation, or buying a home in a new location.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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About

Contact Us

About Us

GMS Client Login

Privacy Policy

Other Services

Our Technology

Global Relocation

Group Moves

U.S. & Canadian Relocation

Address

Global Mobility Solutions
15333 N. Pima Road
Scottsdale AZ, 85260

1.800.617.1904
Available 24/7/365

About

Contact Us

About Us

GMS Client Login

Privacy Policy

Address

Global Mobility Solutions
15333 N. Pima Road
Scottsdale AZ, 85260

1.800.617.1904
Available 24/7/365

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