No Matter Which Groundhog You Listen To, You Should Sell Before Spring!
Is spring closer than we think? Depending on which Groundhog you
witnessed today, you may have less time than you think to get your home
on the market before the busy spring season.
Many sellers feel that the spring is the best time to place their
home on the market as buyer demand traditionally increases at that time
of year. However, the next six weeks before spring hits also have their
own advantages.
Here are five reasons to sell now.
1. Demand is Strong
Foot traffic refers to the number of people out actually physically
looking at homes right now. The latest foot traffic numbers show that
buyers are still out in force looking for their dream home. These buyers
are ready, willing and able to buy…and are in the market right now!
Take advantage of the strong buyer activity currently in the market.
2. There Is Less Competition Now
Housing supply just dropped to 3.9 months, which is well under the 6
months’ supply that is needed for a normal housing market. This means,
in many areas, 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 real
estate values have increased over the last three years. 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 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 increase in the spring. 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 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. There is less
overall business done in the winter. Therefore, the process will be less
onerous than it will be in the spring. Getting your house sold and
closed before the spring delays begin will lend itself to a smoother
transaction.
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 5.4% over the next 12
months 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. You can also lock-in your 30-year housing expense with an interest
rate below 4% right now. Rates are
projected to rise by three-quarters of a percent by the end of 2016.
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. 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.
Debbie Mignogna, ABR
BHHS Fox & Roach Realtors
267-640-1120
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