5 Reasons You Should Sell This Summer
Here are five
reasons listing your home for sale this summer makes sense.
1. Demand Is Strong
The latest Buyer Traffic
Report from the National Association of Realtors (NAR)
shows that buyer demand remains very strong throughout the vast majority of the
country. These buyers are ready, willing and able to purchase… and are in the
market right now! More often than not, multiple buyers are competing with each
other to buy a home.
Take advantage
of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory
is currently at a 4.2-month supply, well under the 6-months needed for a
normal housing market. This means, in the majority of the country, 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 could be coming to
the market soon.
There is a
pent-up desire for many homeowners to move, as they were unable to sell over
the last few years because of a negative equity situation. Homeowners are now
seeing a return to positive equity as real estate values have increased over
the last two years. Many of these homes will be coming to the market this
summer.
Also, builder’s
confidence in the market has hit its highest mark in over 11 years.
Experts are predicting that new construction of single-family homes will ramp
up this summer.
The choices
buyers have will continue to increase. Don’t wait until all this other
inventory of homes comes to market before you sell.
3. The Process Will Be Quicker
Fannie Mae anticipates an acceleration in
home sales that will surpass 2007’s pace. As the market continues to
strengthen, banks will be inundated with loan inquiries causing closing-time
lines to lengthen. Selling now will make the process quicker & simpler.
According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to a new low
of 42 days, after seeing a 12-month high of 48 days in January.
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 4.9% over the next year, according to CoreLogic.
If you are moving to a higher-priced home, it will wind up costing you more in
raw dollars (both in down payment and mortgage payment) if you wait.
You can also
lock in your 30-year housing expense with an interest rate
around 4% right now. Rates are projected to increase in the next 12
months.
5. It’s Time to Move on with Your
Life
Look at the
reason you decided to sell in the first place 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. Perhaps the time has come for you
and your family to move on and start living the life you desire.
That is what is truly important.
Comments
Post a Comment