Why Sell This Summer?
Here are 5 reasons to list your home or condo for sale this summer:
The most current Buyer Traffic Report from NAR (National Association of Realtors) reports that demand from buyers for properties for sale remains very strong. These buyers are actively looking, and are ready to purchase. In many situations, multiple buyers are viewing and bidding on the same property. Take Advantage of the buyer activity currently in the Fort Lauderdale real estate market.
Inventory for homes and condos has declined year-over-year during the last 35 months and is still short of the six month supply needed for a balanced housing market. In other words, there are not enough properties currently for sale to satisfy the demand from buyers. This is great news for homeowners who have positive equity as their property has increased in value. However, additional homes and condos may be listed for sale on the market very soon.
In the past, homeowners generally stayed in their homes approximately six years. However, since 2011, most home-owners on average have remained in their home between nine and ten years. Many homeowners have the desire to move, but because they did not have enough equity, they were forced to remained in their home longer. As home values increase, more owners are in a position to sell. As more properties become available for sale, buyers will have more options to choose from. Don't wait until this new inventory comes on the market before you decide to sell.
In today's very competitive market, buyers have been forced to do everything possible to differentiate themselves from other buyers, including getting pre-approved for financing upfront. This speeds up the selling process as buyers know exactly how much they can afford to pay prior to home viewing. Per the most current Origination INsights REport by Ellie Mae, The average time to close a loan was 41 days.
There May Never Be A Better Time To Move Up
Now is the time to move up if you are planning to move to a luxury Fort Lauderdale home. The large supply of inventory has forced the higher-end market into a buyer's market. If you will be selling a lower priced home or condo and planning on trading up, your property should sell much quicker and you'll be in a good position to select from many higher-end properties.
Corelogic predicts home prices will appreciate by 5.2% during the next year. If you are considering a higher priced home, it may wind up costing you more in the down payment and mortgage payment if you wait.
It's Time to Close the Chapter
Is it worth waiting when you consider the reason you will be selling? Perhaps you want to be closer to family? Perhaps you want a simpler life? Is waiting worth it for a few extra dollars? Or would you rather close this chapter and move on with your life and start a new one? Sometimes self-reflection makes decisions much easier. Moving on and enjoying the life you desire is what is truly important.
If you are ready to begin the home-selling process, contact us today.
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Disclaimer:The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. John Sabia PA and Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. John Sabia PA and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.