5 REASONS TO SELL THIS FALL
Here are five reasons listing your home for sale this fall makes sense.
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 there are significantly more prospective purchasers currently looking at homes than last year! These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now Housing supply is still under the 6 months’ supply that is needed for a normal housing market. This means, in most 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 two years. Many of these homes will be coming to the market in the near future. Also, new construction of single-family homes is projected to continue to increase over the next two years and reach historic levels by 2017, as builders regain confidence in the market. New construction sales have outpaced last years totals every month this year. One major reason being the lack of inventory of existing homes for sale in many markets.
3. The Process Will Be Quicker One of the biggest challenges of the housing market in recent times has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. There are new mortgage regulations that will become effective later this year that may cause closing times to lengthen.
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 18.1% from now to 2019. 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 near 4% right now. Rates are projected to increase by about three quarters of a percent by the end of 2015.
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.
Compliments of Michael Mandis
Alliance Mortgage Funding Inc
Certified Mortgage Planner®