Here are five reasons listing your home for sale this fall makes sense.
1. Demand Is Strong
Currently in the market there is buyer activity, take advantage of it.
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that throughout the majority of the country buyer demand remains very strong. These buyers are in the market right now and they are ready, willing, and able to purchase! More often than not, multiple buyers are competing with each other to buy a home.
2. There Is Less Competition Now
In a normal housing market you have a 6 month supply, currently our inventory is still under that 6-month supply.
This means there are not enough homes for sale to satisfy the number of buyers in the market, in the majority of the country. For those homeowners who have gained equity as their home values have increased, this is good news. Additional inventory could be coming to the market soon though however.
Since 2008 the average homeowner has been in their home for eight years. Historically, that average number of years was six. As they were unable to sell over the last few years because of a negative equity situation, more are feeling the need or desire to move on because home values continue to appreciate and more are given the freedom to move.
The choices buyers have will continue to increase and grow. Don’t continue to wait until this other inventory comes to market before you decide to sell, now is the time.
3. The Process Will Be Quicker
Getting pre-approved for their mortgage is one way in today’s competitive environment that has forced buyers to do all they can to stand out from the crowd. Knowing exactly what they can afford before shopping for a home makes the entire selling process much faster and much simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days, after seeing a 12-month high of 48 days in January.
4. There Will Never Be a Better Time to Move Up
Now is the time to move-up, if your next move will be into a premium or luxury home! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!
Prices are projected to appreciate by 5.0% over the next year according to CoreLogic. 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 or family more important? Is money or your health more important? Is money or the freedom to go on with your life the way you think you should more important?
Only you know the answers to the questions above and only you have the power to take control of the situation by putting your home on the market. Perhaps your time has come to move on and start living the life you desire.
That is what is truly important.