Tuesday, October 18, 2016 / by Jenel Yeamans
1. Demand is Strong
There are more prospective buyers 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! As we get after into the year, many people have other things (weather, holidays, etc) that distract them from searching for a home. Take advantage of the buyer activity currently in the market.
2. There is less Competition Now
Housing supply is still under historical number of 6 months supply, which means in many markets, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for the home prices. However, additional inventory is about to come to market. Homeowners that were unable to sell over the last few years because of a negative equity situation are now seeing a return to positive equity as real estate values have increased over the last two years. Also, new construction of single-family homes is again beginning to increase. The choices buyers have will continue to increase over the next few months, so don't wait until additional inventory of homes comes to market before you sell.
3. The process will be quicker
One of the biggest challenges of the 2015 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 prices home, it will wind-up costing you more money, both in the down payment and mortgage payment, if you wait. You can also lock-in your 30 year housing expense with an interested 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. 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. That is what is truly important!
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Keller Williams Puget Sound