Should You Sell Your Home This Summer?
As temperatures get hotter, buyers are ready to purchase their dream home. Here are 5 reasons why summer is a great time to list your house:
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows buyer demand is strong. These buyers are ready, willing and able to purchase and are looking at homes now!
Take advantage of this current buyer activity in the market.
2. There Is Less Competition Now
Inventory of homes for sale is low. According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply needed for a normal housing market.
This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices and people looking to sell. However, a change could be on the horizon as additional inventory is about to come to market.
Many homeowners now have positive equity in their home. Previously, it didn’t make sense for people to sell as they were in a negative equity situation. However as home values have increased over the last two years, these homes will be listed this summer.
Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017.
3. The Process Will Be Quicker
Fannie Mae just announced that they anticipate an acceleration in home sales that will surpass 2007’s pace by late summer. As the market heats up, lenders will be inundated with loan applications causing closing-time lines to lengthen. Selling now will make the closing process quicker & simpler.
4. It’s a Good 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, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more (both in down payment and mortgage payment) if you wait.
You should be able to lock-in your 30-year housing expense with an interest rate below 4% now.
5. It’s Time to Move On with Your Life
Look at the reasons you are thinking of selling 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 move on with your life?
Real Estate Bottom Line
Only you know the answers to the questions above. You have the power to take control of your situation. Perhaps the time has come for you to sell your home and move on!