Right now you’re asking yourself the same questions that many home sellers are asking. Is the market “hot” (with ready home buyers)? What is the quality of those buyers? Will they be able to qualify for financing? Are banks and their interest rates “buyer-friendly” right now? No one blames you for having these concerns.
Let’s lay out five reasons why you should put those worries to bed and sell, sell, sell.
1. Less Paperwork, Faster Closings
Unlike in some previous years, banks are beginning to demand more and more paperwork before giving the green light on a mortgage. This means that a spike in new mortgage requests will inevitably cause the timeline from application to closing to stretch even further. Selling now puts you ahead of that “dead man’s curve”. The longer you wait to sell, the longer your buyer will have to wait for an approval.
2. The Weather and The Market Are Both Hot
The severe winter put a serious halt to home sales as buyers preferred to wait for those frigid extremes to pass before taking purchasing a home serious again. This has created a bottleneck effect as those same buyers are now rushing back to market. The National Association of Realtors (NAR) noted that the sum of buyers dropped precipitously in December, but, has been steadily increasing since January. Both the temps and the market are heating up!
3. Not Enough Homes to Go Around
Simply put, in many markets buyers are outnumbering sellers which has driven up home prices over the past 18 months. That is terrific because after having suffered through negative equity for the past few years, sellers are finally seeing a return to positive equity. The problem? It’s only temporary as these homeowners are highly anxious to get their homes in front of buyers now.
To add to that, there’s also an increase in the new construction of single-family homes. This is important because a recent Harris Poll shows 41% of buyers prefer a new home versus the 21% who were for homes that already existed (38% showed no preference). In other words, most buyers prefer new homes and more new homes are to compete with your property.
The competition is at an optimal level right now, but, waiting to sell will certainly change all of that. It’s time you beat your neighbors and the builders to the punch.
Now’s The Time To Trade Up
Many homeowners have simply outgrown their current homes. As the years progress, families get larger and the property seemingly gets smaller. If this is you or if you simply want to reward yourself with more square footage, now’s the time to act. A more expensive home now will get even more expensive as time progresses.
Here are facts:
- Prices are projected to appreciate by more than 19% by 2018.
- Interest rates are predicted to be over 5% by this time next year.
These are a recipe for you paying thousands of dollars more than you have to. This means higher down payments, higher mortgages, and more interest paid on those mortgages. Acting now keeps that money in your possession.
5. Onward and Upward
Only you know your reason for selling. Now’s the time to ask yourself all the hard questions. Every moment you ponder on if you should or should not sell is another moment of stress. It’s another moment away from enjoying your family. There have been times in the recent past where waiting to sell may have been prudent, but, the iron is now hot.
It’s the perfect storm for home sellers and waiting another minute may cost you money and peace of mind. Now’s the time to put your home on the market and at Linda Craft & Team, REALTORS®, we’re here to put it in front of the right buyers. Connect with us today and let’s get started.