Low Inventory & High Buyer Demand
You may not think fall is the best time to list your home for sale. But with inventory below historic numbers and strong buyer demand, you could be missing out on a great opportunity to sell your home.
5 Reasons to Consider Selling your House this Fall
1. Strong Buyer Demand
The most recent Realtors’ Confidence Index from the National Association of Realtors (NAR) reveals buyer demand remains strong throughout much of the country. Qualified buyers want to buy homes… and are looking now! Use this to your advantage – its a sellers’ market.
2. Less Competition
NAR’s latest Existing Home Sales Report, shows the supply of homes for sale is still under the 6-month supply needed for a typical housing market.
This means most areas do not have enough homes for sale to meet/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 many home owners wishing to sell. They were unable to sell over the last few years because of a negative equity position. Now however, these home owners are seeing a return to positive equity as real estate values have increased over the past 2 years. Many of these homes will be listed for sale this fall.
Also new construction of single-family homes is projected to continue to increase over the next 2 years, reaching historic levels by 2017. Last month’s new home sales numbers show many buyers who have not been able to find their dream home within the existing inventory have turned to new construction.
The choices buyers have will continue to increase. Don’t wait for all this other inventory of homes comes to market before you sell.
3. The Process Will Be Quicker
Fannie Mae announced 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 longer underwriting times and closing times. Selling now will put you ahead of the rush.
4. It’s a Great 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 5.3% over the next year. If you are moving to a higher-priced home, it will cost you more in 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 are thinking of selling. Is it 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 move on with your life?
If you decide to sell your home, consider doing it sooner rather than later.