It is no secret that homes are selling faster than ever in Tuscaloosa, AL, and mortgage interest rates are at a national low. For the first time in a long time in Tuscaloosa, it is actually a sellers and a buyers market. As Realtors during this time of year it is common to hear sellers use the age old excuse of, ” we are waiting until the first of the year to put our home on the market”. What many of those sellers do not know, is that they could potentially cost themselves thousands of dollars by waiting to put their home on the market until after the fourth quarter of 2019 is over. To help Tuscaloosa consumers understand how they could save money by listing their home on the market sooner rather than later, we put together five fast facts on how the market can effect your January 1, 2020 selling plans.
1.The Demand is Strong!
Houses in Tuscaloosa are selling fast! Our particular group at Keller Williams Realty Tuscaloosa has sold many of our listings to our own eager buyers before they even get a chance to hit the market! If you are considering listing your home, it is important to list with a strong agent who works with buyers and sellers, as there is a good chance they might have a pre-approved buyer ready for your home. Strong market= Top dollar for your home. Statistically sellers in Tuscaloosa are receiving around 98% of their asking price. With a strong market sellers have more leverage to get more money for their home with less days on the market.
2.Tuscaloosa is a Job Source!
Tuscaloosa has several strong job sources that consistently bring new traffic and job transfers to town yearly. These new residents need homes as soon as possible! With the demand still high and many new buyers being added to the buyer pool, no matter what the season is, sellers will be more likely to receive a higher price for their home. Statistically, during the last quarter of the year, the overall inventory of available homes is at the lowest. This works to a sellers advantage.
3. Buyers Love Decorated Homes!
Buyers love to see homes decorated for the holidays. A large misconception for sellers that Realtors seem to hear often, is if a home is on the market sellers cannot have their holiday decor out. That is false! Buyers love to envision themselves in their new home and how they would decorate for the holidays next year if they were to purchase it!
4. Many People Put Off Buying in the First few months of a New Year
During the first few months of a new year, many home buyers put off buying a home until they receive their tax refund money back sometime between late February through late April. Many times we see future home buyers wanting to wait until these funds come back, as they are relying on using this towards the down payment for their home. Listing your home in January when not as many buyers are looking or waiting to list in February when the market begins to become more saturated with listings, could hurt your bottom dollar. The more competition available, the less leverage a seller has.
5. Interest Rates Will Not Be This Low Forever
Interest rates could and will most likely rise between now and January. This is very important for those sellers out there who are planning on buying another home after selling their old one. If you are already planning on selling and buying, why wait when interest rates could be higher? This could result in the consumer having an overall higher payment only because they waited until January. In this case, the age old saying that “time is money” is very spot on. Interest rates do effect mortgage payments, which effects the overall price range a consumer can afford. Why not receive top dollar for your home now and the best mortgage payment on your next purchase?
In conclusion, if you have been considering selling your home in Tuscaloosa, and the holiday season is one of the few things holding you back from putting your home on the market, it might be time to reconsider. Waiting could cost you thousands. I hope this article offered some of clarity on the Tuscaloosa real estate market for the fourth quarter of 2019. Feel free to reach out to any of our agents with the K|W Group of Keller Williams Realty Tuscaloosa if you have considered buying, selling or investing in real estate. Our group offers free, no pressure home evaluations and buyers consultations to help you achieve your goals in your next transaction! We would love to help you!