If You Are Thinking of Selling Your Home –
Winter is coming and in some parts of the country it has arrived! People are starting to think about what their life will look like next year. Do you want to relocate to a different part of the country to find better year-round weather or move across the state for better job opportunities? Homeowners in this situation face the question of whether they should sell their house now or wait.
If you are one of these potential sellers, here are 5 important reasons to sell now:
1. Demand Is Strong
The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the majority of the country. These buyers are in the market right now!
Take advantage of this buyer activity currently in the market.
2. There Is Less Competition Now
The supply of homes for sale is under the 6-month supply needed for a normal housing market 4.5-months).
This means there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.
There is a pent-up desire for some homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. However, homeowners are seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be listed for sale soon.
Additionally, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase, reaching historic levels in 2017. Last month’s new home sales numbers show many buyers who have not been able to find their dream homes within the existing inventory have turned to new construction.
The choices buyers have will continue to increase. Don’t wait until for this inventory to hit the market before deciding to list your home for sale.
3. The Process Will Be Quicker
Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007’s pace. As the market heats up, banks will be inundated with loan applications, causing closing timelines to lengthen. Selling now will make the process quicker & simpler for your buyers.
4. There Will Never Be a Better Time to Move Up
If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.2% over the next year. If you are moving to a higher-priced home, it will cost you more, both in down payment and mortgage payment, if you wait.
Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.
5. It’s Time to Move On with Your Life
Look at the reasons you want to sell and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. That is what is truly important.