|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?Ã‚Â These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here areÃ‚Â 5 reasons to sell now.
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 buyÃ¢â‚¬Â¦and are in the market right now!
2. THERE IS LESS COMPETITION NOW
Housing supply is still under the historical number of 6 monthsÃ¢â‚¬â„¢ 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.
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.Ã‚Â Selling now will make theprocess 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 4Ã¢â‚¬â„¢s right now. Rates are projected to be over 5% by the end of next year.
5. ITÃ¢â‚¬â„¢S TIME TO MOVE ON WITH YOURLIFE
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?
Seven Gables Real Estate