Here in Northern California our beloved late summer (otherwise known as fall) has arrived! It is hard to believe that the holidays are just a few months away. Though the days are gettingshorter, the warmth of the sun allows us to linger outdoors, enjoying those jacket-free morning runs and dining al fresco in the evenings.
You know who else is lingering about? Buyers! Fall can be a very active time of year for the real estate market. If you are thinking about putting your property on the market, there is no need to wait until next spring. Chief Economist, Jed Kolko at Trulia.com noted that not only are buyers out shopping in the Bay Area but the numbers currently match the national monthly averages. And it makes sense, rates and inventory are holding steady. Why not get in on the action!?
Below are five great reasons to get your house on the market before the cold weather comes.
First, Demand is strong. Buyers are out in the market shopping. Specifically, in the Bay Area, just as many home hunters are out now as were in the beginning of Spring! They are ready to buy so get your home on the market to take advantage of the low inventory.
Second, the home inventory remains steady but well below the goal of six months inventory. Take advantage of being one of the few houses on the market. The buzz on new construction is that it is firing up again. Selling now means you won't be competing with new developments coming to a neighborhood near you soon!
Third, Buying up before the frenzy of the spring could save you considerably in the long run. As prices continue to rise and mortgage rates go up, you'll be paying more in both down payment and mortgage payment. Mortgage rates are projected to be over 5% within a year.
Fourth, avoid financial headaches. The paperwork of financing a home is become a taller and taller task. Banks are rolling out new rules and regulations that will surely slow the process down, at least in the beginning. Selling now means you'll avoid and slowdowns these changes may bring.
Lastly, think about why you want to move? Do you want to be closer to friends, family, grandkids? Does your health require a different type of home or location? Have you outgrown your current home? Whatever the reason, will that reason change by this spring? If not, you have the ability to make the chagne and move onto the next phase of your life by taking the first step and putting your house on the market!
If you have any questions about your local market, whether you are buying or selling, please contact me. Or, if you know anyone who needs are real estate resource, feel free to pass my contact information along.