5 Reasons To Sell Your Home Now Orange County CA
This blog is dated January 31st, 2013. Few months before the busy Real Estate Season! Currently there is a shortage of Inventory in Orange County and most of the US. This is caused by the low short sales homes for sale and the low number of Foreclosure homes for sale. The shortgage is also due to the fact that the buyers are coming in droves to buy homes as the interest rates are very low and they feel that the prices have started going up!
Many homeowners wait until the Spring buying season to sell their homes. Here are five reasons to sell your home now this year.
1.) Demand Is High Homes are selling at a pace not seen since 2007. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012 increased 9.2% over 2011. There are buyers out there right now and they are serious about purchasing. There are multiple offers on many homes and many are selling over asking price.
2.) Supply Is Low The monthly supply of houses for sale is at its lowest point (4.4 months) since May of 2005. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price. There are less foreclosed home on the market and many homeowners are attempting to do Loan modifications.
3.) New Construction Is Coming Back Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative to many purchasers. If you drive around and observe, you will notice there construction is up, remodeling is up and lots are selling as well.
4.) Interest Rates Are Projected to Inch Up The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
5.) Timelines Will Be Shorter The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing a commitment on the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days. These are five good reasons why you should consider listing your house today instead of waiting.
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