Here are five reasons listing your home for sale this summer makes sense.
1. Demand Is Strong
The latestBuyer Traffic Reportfrom theNational 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
Housinginventoryis currently at a4.2-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 confidencein 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 Maeanticipates 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 toEllie Mae’slatestOrigination InsightsReport, 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 itnow. Prices are projected to appreciate by 4.9% over the next year, according toCoreLogic. 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 aninterest ratearound 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.
Looking for adequate space in your home? Check out these listings in the 85086 zip code that provide large living areas:
Author:David and Donna Patterson Phone: 623-692-6998 Dated: June 5th 2017 Views: 55 About David and Donna: Your Partner in Real Estate
I am the Designated Broker at Quantum of Arizona, REALTORS. My wife D...
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"David and Donna are awesome! As an out of state buyer, they established a rapport with us that made the home buying experience seamless across the state lines! From the onset of our journey, their dedication to serving the customer was flawless! Donna patiently worked with us as we reviewed houses on-line and worked her magic while we were in town to get us to see the homes in the person. Once we found our dream home, their level of committment to us and the details of the transaction was outstanding! Every step of the way they were there to guide and answer our questions. A truly remarkable team!!! Highly recommend them to anyone looking to buy or sell a home!!! "