Five compelling reasons Selling your home or Condo this summer makes sense.
1. Strong Buyer Demand: The most current Buyer Traffic Index from the National Association of Realtors (NAR) reports that buyer demand continues to be strong across the vast majority of the country. These home buyers are ready, willing, and able to step up and make a purchase. These buyers are in the market right now!
Very often, more than one buyer is competing for the same property. Take full advantage of the home buyer activity presently in the market.
2. Less Competition: Inventory for homes and condos is at or just under the 6-month supply needed for a normal real estate In other words, there are not enough homes and condos for sale to satisfy the demand from home buyers.
Historically, on average, home owners moved every six years. However, since 2011, home sellers are staying in their homes between nine and ten years. For several homeowners, experiencing a negative equity situation has prevented them from selling for the past several years. As property values continue to appreciate, more and more homeowners are finally in a position to be able to sell and move.
Many homeowners were uneasy about listing their property for sale during the last several years fearing they could not fing a suitable home to replace what they have. As more inventory comes on the market, That worry is subsiding. The choices buyers have will continue to increase as the number of available properties increases. Don’t wait until additional inventory comes to market before you to decide to sell.
3. The home-buying Process is quicker: Today’s competitive environment has forced home buyers to do everything possible to stand out from other home buyers, including getting pre-approved for their mortgage financing. Buyers know up front how much home they can afford before looking at homes. This makes the entire selling process much quicker. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days. (Last numbers available.)
4. You may not have another opportunity to move up to a luxury property: now is the time to move up! The surplus inventory of higher priced homes has created a buyer’s market. This means that if you are considering selling a starter or trade-up home, it will most likely sell quickly, AND you’ll be in a strong position to purchase a premium home!
According to CoreLogic, prices are projected to appreciate by 4.8% over the next year. 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.
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 having the freedom to go on with your life the way you think you should? Only you know the answers to these questions. 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 start living the life you desire. That is what is truly important.
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