Do you want to buy a new home in Florida, but have to sell your old home first? Now is the perfect time to take action and make your new home dreams come true! With the holiday hustle and bustle past, tax returns burning a hole in buyer’s pockets, and warmer weather blooming, Spring is considered the best season to sell your home.
In 2017, Real Estate experts suggest the Spring selling season to be even hotter than usual. Here are four reasons experts suggest that Spring of 2017 is the perfect time to sell your old home:
1) You Will Make More Money
According to market research from Zillow, the average home seller in the Tampa, FL region can expect to make $1,300 to $1,500 more on the sale of their home when listing from early April through early May. Of course, you want to make as much money as you can, so why list your old home at any other point in the year?
And, according to Zillow stats, you can expect your Tampa home to sell around 10.5 days faster when you list in April or May. Tampa Realtors published the median time from listing to contract as 36 days in January of 2017, with 84 days as the median to closing. Save yourself some time, and get those proceeds into your pocket sooner, by listing your home in Spring!
2) The Florida Housing Market is Thriving
A combination of low interest rates, low housing inventory, and rising prices means there are many eager home buyers who feel the pressure to buy a home now. While mortgage interest rates remain near historically low levels, it’s no secret that rates have recently increased and are projected to rise again later in the year. Home prices are also on the rise, with Tampa Realtors quoting a 9.1% increase in January 2017, compared to January 2016. I’m sure you want to take advantage of the same low rates and prices when you buy your next home, and acting now can help you do so.
Lastly, home inventory in Tampa and throughout Central Florida is quite low, meaning it is currently a seller’s market. A balanced market, favoring neither buyers or sellers, would have 5.5 months’ supply of home inventory listed, but the Tampa Real Estate market has just 2.7 months. This means there are fewer homes on the market for home shoppers to choose from, which plays out in favor of home sellers.
3) It’s the Picture Perfect Season
What’s the first thing buyers see when looking at homes, either online or in-person? The exterior curb appeal! The sunny blue skies, blooming flowers, and flourishing greenery of Spring create a sun-kissed filter on all photographs, as well as a warm ambiance indoors.
4) Tax Season = Savings
Receiving a tax refund is as refreshing as galloping through a field of daisies on the first day of Spring. Whether that refund is a few hundred dollars or several thousand dollars, for those thinking about buying a home, a tax refund may be just what they need to make their American Dream come true.
In survey after survey, having money for a down payment is stated as the number one deterrent from buying a home. A tax refund can provide the down payment funds needed, or provide money for other home purchase expenses such as closing costs, paying off debt to help qualify for a loan, or even having extra money for home furnishings.
As a seller, most home-sale profit is tax-free and there may be other tax benefits you can take advantage of. For an overview of how to maximize the tax benefits of selling your home, here is an article TurboTax has put together.
If you are dreaming of selling your old home so you can buy a new home, now is the time to hop to it! Check out our previous article on 11 Tips to Get Your Current House Sold So You Can Buy New, and contact our Florida New Home Specialists to start planning for the new home of your dreams.
Highland Homes builds new homes designed for your life in Central, North Central, Southwest and Tampa Bay, Florida. For a personalized consultation and to find your dream home, give us a call at 863-797-4999 or visit the Highland Homes website!
Location, home designs, features and prices are subject to change without notice. We are pledged to the letter and spirit of the U.S. policy for the achievment of equal housing opportunity throughout the Nation. We encourage and support an affirmative marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.