Sell Now Not Later
Buyer Demand is Stronger
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 more prospective people looking at homes since before 2006 - !
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
The National Association of Realtors reported last week that housing supply has slipped to a 5.0-month supply. This is still under the 6-month 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.
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.
The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
3. Home Prices Are Skyrocketing
Daren Blomquist, President of RealtyTracsiad the following:
"So far in 2015, [sellers] are realizing the biggest gains in home price appreciation since 2007. In June, sellers sold for above estimated market value on average for the first time in nearly two years."
One major factor driving prices up is the lack of inventory available for the amount of buyers in the market. Often buyers, who find a home that they would like to make an offer on, are met with the reality that they aren’t the only ones interested.
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 19.4% from now to 2019. If you are planing to moving into 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 or less with some of the programs.
Rates are estimated to increase by a full percentage point over the next year according to Freddie Mac.
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