Can you see yourself wanting a different style of home in the next 3 to 6 years? If so, there may be some advantages to selling today. There are at least seven factors why now might be a good time to consider selling your home.
Less Competition: Inventories are lower at this time plus we are experiencing the least amount competition from distressed properties since 2007.
Demand: May was a very strong month as more buyers look to take advantage of prices and interest rates before they rise. In addition to migration, some of the people who lost their homes are now re-entering the market.
Affordability for Buyers: Interest rates are very low allowing more buyers to afford a home like yours. This helps to create a larger buyer pool which normally leads to a higher price and less time on market.
Your next purchase may never be more affordable: While prices have definitely risen over the past year, prices are still historically very low compared with where they have been. All indications are that prices will continue to rise. Action today reaps the benefits of price and interest rates.
Impact of Interest Rates: Low interest rates can have a compounded affect. First, the low interest rates make your home more affordable to more people creating a larger buyer pool and thus more demand. Additionally, if you are financing your next purchase, the same principle will apply to you as well. You may be able to buy more home, or possibly lower your monthly payments.
Days on Market: When you put your home on the market, it’s like inviting company over every day. Unfortunately that means you may need to “prepare” for company every morning as an additional chore. Additionally, the market has shown that the quicker the sale, the higher the price. Generally speaking, the Days on Market are low compared to where they have been reducing the stress of being on the market.
Favorable Press: A lot of people use the headlines to determine how they feel about a subject. Generally speaking, the headlines have been very positive about real estate and quick to point out that we are in a seller’s market.
There’s a reason why they call it a seller’s market!!!