“‘Tis the season” to think about selling your home now that is, it happens every year. Homeowners all over the country are beginning to think about what their life will look like next year. They think about whether relocating to a different part of the country for better year-round weather is a good idea, or maybe better job opportunities lie in the next state or further..
Here comes the big question, do you sell now or wait? Here are 5 reasons why selling now is better than selling later.
Your Driving Force
Think of why you wanted to sell in the first place. Is it time to move on and start over or is it worth the wait? The reasons, may it be money, family, health, or freedom and their urgency will greatly affect your decision of selling now or in the next few months.
The Market is HOT
Buyers are in the market and are ready, willing and able to buy what you are selling! The latest Confidence Index from the National Association of Realtors show that the demand for homes remains strong throughout the majority of the United States. It’s best to take advantage of the current buyer activity in the market.
There’s No Line Around The Corner (For Now)
As the market gets hotter, banks will be swamped with loan inquiries causing closing timelines to lengthen. Selling now will simplify the process, as well as expedite it.
Supply and Demand
Currently, the supply of homes is below what is needed for a normal housing market. This is good news for home prices as it means that there are not enough homes for sale to appease the number of buyers in the market. This won’t last long though because additional inventory is about to arrive.
There is a suppressed desire for many homeowners to relocate due to the inability to sell over the past few years because of a negative equity situation. However, these homeowners are now seeing a return to positive equity as real estate values have increased over the last couple of years.
In addition, new construction of single-family homes is projected to increase due to the return of builder’s confidence in the market. Last month’s new home sales numbers show that buyers who have not found their dream homes within the existing inventory turn to building their dream homes to fulfill their needs. So, it is wise to not wait until all this other inventory of homes comes to the market before you sell.
There’s no better time
If you’re moving to a more spacious and therefore more expensive home, consider doing it now. Projected prices are at an increase of 5.2% over the next year. Waiting until then will wind up costing you more both in down payment and mortgage payment.
According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.57% right now. 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.
These are 5 solid reasons as to why selling now is a great move. Ultimately, only 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.