Fall means a great time to make improvements to your home to make sure you protect the equity that you possess. If you, a friend or family member are thinking about selling this year, September is the best time to enter the market. The fall market lasts from September to mid-November. That is when buyers purchase after the kids are back in school.
If you are thinking of selling in 2017, February through June is the spring market. That is when buyers decide to either stop renting or purchase their first home. Move-up buyers sell and find their new home. This is typically the busiest time of every year.
We are expecting a surge of larger homes on the market in the next 5 years due to the over 80 million baby boomers downsizing to apartments and condominiums. This may create a surplus of homes of this type in the coming years.
As for this year it has been a great year for sellers. Prices are up about 5% over last year. Selling time is down considerably due to a shortage of inventory. This means more buyers than sellers creating a ‘seller’s market’. However, condition is playing a greater and greater role in the outcome of real estate sales. Make sure you repair any major defects and remember fresh paint and new flooring are the biggest cosmetic bang for the buck!
Remember when you sell, there is virtually no Federal or State tax on the gain for most homeowners. The exemption is up to $500,000 gain for a married couple and $250,000 gain for a single person. The only pre-requisite is that you have to have lived in the home as your primary residence for 2 of the last 5 years.
Please call us if you have any questions about the market or want us to email or send comparable properties so that you know the value of one of your greatest asset…your home!
Bruce and Jeanne Nemovtiz