Is Now a Good Time to Sell a House?

By
Real Estate Agent with REALTY EXECUTIVES

Should I Sell My House?For the past 7 years, it has been considered to be a home buyers market. But, with the rising home prices and decreased inventory, many are wondering-- is now a good time to sell a house? According to CoreLogic, a real estate analytics company, national home prices increased by over 8 percent in December when compared to the same time period the previous year. It was the largest increase since 2006, which is good news if you want to sell a house.

Should I Sell My House?
Home sellers have been stranded on the sidelines for the past few years, but many home sellers are now taking the plunge to put their home on the market. In fact, a new survey released by Fannie Mae indicates one in four homeowners say now is a good time to sell your house.

"You will unambiguously see more people test the water," says Thomas Lawler, an independent housing economist in Leesburg, Va.

If you factor in local market conditions and recent sale prices before placing your home for sale, you’re more likely to find a buyer. Although housing trends are varying by region, buyer activity generally peaks around March or April, with seller listings peaking in July.

Chief economist at Trulia.com, Jed Kolko says, “Most sellers would be better off if they pushed the process up a couple of months.”

It’s best to sell your home now as the supply of homes for sale and mortgage rates are likely to jump over the next few months, increasing your competition when selling your home. However, if you sell your house now, don’t expect to make a killing. Even after recent gains with home prices, they are still 27 percent below the 2006 highs, according to CoreLogic.

Many home sellers are selling now because they are looking to buy a more expensive home at a discount. As Craig Beggins, president of Century 21 Beggins Enterprise in Tampa Bay, Fla. states, "The only reason I would sell today is if I wanted something more than I currently have,"

Despite whether or not you’re looking to upgrade to a more expensive home, there are fewer existing homes on the market right now. According to the National Association of Realtors, there were 1.74 million fewer homes on the market in January when compared to the previous year-- meaning there’s less competition for you. Plus, houses are selling faster.

If you’re considering selling your home, call Steve Larson today to discuss your options.

Comments (1)

Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

"However, if you sell your house now, don’t expect to make a killing. Even after recent gains with home prices, they are still 27 percent below the 2006 highs, according to CoreLogic."  I think is is a very important point... and one which sellers have to consider when determining whether or not to sell.

Mar 03, 2013 10:17 AM