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When we say ‘tis the season, we’re usually not referring to the season to sell your home. That’s because in regions with seasons, the best time to sell a home is typically the spring and summer.
But even in areas where snow covers the ground for months, it is possible to sell your house in winter, and often for a price as good as you’d get in summer. It just takes a winter strategy to match the winter conditions.
“More often than not, homes in the winter will sell for more money,” says Paul Stone, a Redfin real estate agent in Denver. “There’s less inventory to choose from.” He advises winter sellers to be flexible because it’s hard to predict how long a given home will take to sell and the number of showings could depend on the weather.
Redfin analyzed two years of sales, from 2011 to 2013, in a handful of large cities and found that homes listed in winter sold a week faster and closer to the asking price than those listed in other seasons. The analysis, which included traditionally cold cities like Chicago and Boston, showed homes were also more likely to sell within six months of appearing on the market. Full Article
If you plan to buy a home, sell a home or refinance your home, you need to consider what might happen to mortgage rates in the coming months.
The interest rate on the benchmark 30-year fixed mortgage started the year at right around four percent.
Greg McBride, chief financial analyst at wwwww.bankrate.com, expects rates to go a little lower during the first part of the year.
"So this is a great opportunity, if you haven't already refinanced your mortgage, to do so now,” McBride said. “A lot of people have either purchased homes in the last year-and-a-half or simply didn't have the equity to refinance the last time rates were at these sub four percent levels. They’re now in a position to do so."
McBride predicts greater volatility as we move into the middle of the year and learn more about what the Federal Reserve plans to do with interest rates.
“I think we’re going to start to see mortgage rates trending higher - not big time, just kind of a slow grind higher,” he said. “I do expect mortgage rates are going to stay well below the five percent mark throughout the year."
Even if rates go that high, that shouldn't stop a well-qualified buyer, McBride told me. Full Article