School
is back in session, the holidays are right around the corner, you might not
think that now is the best time to sell your house. But with inventory
below historic numbers and demand still strong, you could be missing out on a
great opportunity for your family.
1. Demand is Strong
Foot
traffic refers to the number of people out actually physically looking at home
right now. The latest foot traffic numbers show that there are more prospective
purchasers currently looking at homes than at any other time in the last twelve
months which includes the latest spring buyers’ market. These buyers are ready,
willing and able to buy…and are in the market right now!
2. There Is Less Competition Now
Housing
supply is still under the historical number of 6 months’ supply. This means
that, in many markets, there are not enough homes for sale to satisfy the
number of buyers in that market. This is good news for home prices. However,
additional inventory is about to come to market.
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.
Also,
new construction of single-family homes is again beginning to increase. A
recent study by Harris Poll revealed that 41% of buyers would prefer to
buy a new home while only 21% prefer an existing home (38% had no preference).
The
choices buyers have will continue to increase over the next few months. Don’t
wait until all this other inventory of homes comes to market before you sell.
3. The Process Will Be Quicker
One
of the biggest challenges of the 2014 housing market has been the length of
time it takes from contract to closing. Banks are requiring more and more
paperwork before approving a mortgage. Any delay in the process is always
prolonged during the winter holiday season. Getting your house sold and closed
before those delays begin will lend itself to a smoother transaction.
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% from now to 2018. If you are
moving to 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 in the low 4’s right now.
Rates are projected to be over 5% by this time next year.
5. It’s Time to Move On with Your
Life
Look
at the reason you decided to sell in the first place and determine whether it
is worth waiting. Is money more important than being with family? Is money more
important than your health? Is money more important than having the freedom to
go on with your life the way you think you should?
Only
you know the answers to the questions above. You have the power to take back
control of the situation by putting your home on the market. Perhaps, the time
has come for you and your family to move on and start living the life you
desire.
As
we get later into the year, many people have other things (weather, holidays,
etc.) that distract them from searching for a home. Call me today and take advantage of the buyer
activity currently in the market.
Elizabeth Scott, Realtor®, Broker
 |
| BE SAVVY...CALL THE SMART REALTOR |
2013 Diamond Award – High Sales Volume
e-PRO,
Strategic Pricing Specialist
Fathom
Realty NC, LLC
Phone: 919.306.9699
Email
