Here are five reasons listing your home for sale this fall/winter makes sense.
For many years the mindset for consumers looking to move is that the winter months are a slow time for Real Estate. That thought has gone by the waist side. Over the last few years, with inventory being short and interest rates still being really low, buyers are still out in full force during those fall and winter months. Below are a few different reasons why selling in those “off” months can benefit you.
1. Demand Is Strong
Per the National Association of Realtors (NAR) 2017 Q3 Homeownership Survey, 77 Percent of people believe that now is a good time to buy a home. Buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and those that are in the market, are in the market to buy now!
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is still under the 6-month supply.
This means that there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.
Historically, the average number of years a homeowner stayed in their home was six, but that number has jumped to an average of almost nine years since 2008. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
The choices buyers have will continue to increase into the spring market. Don’t wait until this other inventory comes to market before you decide to sell.
3. The Process Can Be Quicker
We are continuing to see quick closings due to the nature of the market. Buyers are pre approved for their mortgage and sometimes have full approval before putting in an offer. Which can help with a 2-3 week closing.
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved and approved for their mortgage financing. This makes the entire selling process much faster.
4. Interest Rates
In August, we saw a yearly low on Interest rates and they have remained low. Renters are realizing that with the low interest rates and increasing prices in rent they can now afford a home. Renters are taking advantage of the low interest rates and saving on their monthly payments. Along with owning their own home.
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. There is Not a Better Time to be Moving Up
Now can be a great time to get a bigger home for the kids and be in the school district of your choice. Or it can also be a great time for those empty nesters to downsize and capitalize on their equity. Home prices are rising and expect to continue to rise, so why not get that bigger home now? And take advantage of the low interest rates also?
If you or someone you know is interested in buying or selling a home, CALL/TEXT/EMAIL Drew or Heather with the Shubzda Group at Ebby Halliday Realtors.