1. Demand is Strong
There is currently a pent-up
demand of purchasers as many home buyers pushed off their search this past
winter & early spring because of extreme weather. According to the National
Association of Realtors (NAR), the number of buyers in the market, which feel
off dramatically in December, January and February, has begun to increase again
over the last few months. These buyers are ready, willing and able to buy…and
are in the market right now!2. There Is Less Competition Now
Housing supply is still under
the historical number of 6 months’ supply. This means that, in many markets,
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 is
about to come to market.
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 prices increased over the last eighteen months. Many of these
homes will be coming to the market in the near future. Also, new construction
of single-family homes is again beginning to increase. A recent study by Harris
Poll revealed that 41% of buyers would prefer to buy a new home while only 21%
prefer an existing home (38% had no preference).
The choices buyers have will
continue to increase over the next few months. Don’t wait until all this other
inventory of homes comes to market before you sell.
3. The Process Will Be Quicker
One of the biggest challenges
of the 2014 housing market has been the length of time it takes from contract
to closing. Banks are requiring more and more paperwork before approving a
mortgage. As the market heats up, banks will be inundated with loan inquiries
causing closing timelines to lengthen. Selling now will make the process
quicker and simpler.
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 over 19% from now to 2018. 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 in the low 4’s right now. Rates are projected to
be over 5% by the end of next year.
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 back control of the situation
by putting your home on the market and pricing it so it sells. 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.Call me today if you are considering selling your home. FREE Market Analysis on your home value.
Jodi 714.612.6446
