THE REAL ESTATE Insider
5 REASONS TO SELL NOW!
Demand is Strong • Less Competition • Quicker Process • Move-Up • Move On
Many sellers are still hesitant about
putting their house up for sale. Where
are prices headed? Where are interest
rates headed? Can buyers qualify
for a mortgage? These are all valid
questions. However, there are several
reasons to sell your home sooner
rather than later. Here are five of
those reasons.
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 fell 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
in to the market.
There is a pent-up desire for many
homeowners to move as they were
unable to sell over the last few years
due to 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 & 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 &
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 o ver 5% by this time 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.