If you feel like you have plenty of time, you might want to reconsider and put your house on the market sooner rather than later. Here are four reasons to sell your home now.
1. Depending on Where You Are, Demand is Strong.
The number of people who are out looking at homes is known as foot traffic, and the latest numbers from the National Association of Realtors indicate the foot traffic is holding steady after a sharp increase in December 2016. There are buyers who are willing and able to buy right now, so take advantage.
In pretty much any market leading up to Spring, demand will be strong. For houses priced over $250,000, demand is growing at a slow and steady pace. But in Cabarrus County specifically, demand is very strong in homes priced up to $250,000. This can be partially attributed to attracting first-time home buyers, many of whom have taken advantage of down payment assistance programs. (In fact, we’ve created a short webinar on how first-time homebuyers can access these resources.)
2. There is Less Competition From Other Sellers Right Now.
Many people think March, April, and May are the months to sell, and to a certain degree, that’s true. However, the sooner you get your home on the market, the sooner you can beat out other sellers and get your home under contract before the real spring rush hits.
You should also take a more long-term view about competition from other sellers. With fewer houses available in many housing markets, there aren’t enough homes for the increasing number of buyers. That’s good news for sellers, since home prices will rise accordingly. However, as real estate values rise and as more and more single-family homes are being built, the competition will only grow in the future.
3. Think About the Role of Banks and Lenders.
Interest rates on mortgages are at ideal levels for buyers at the moment. On the other hand, if rates do increase in the near future, more buyers will enter the market in order to avoid further interest rate hikes.
Also, for your own peace of mind, you’ll want to sell before banks and lenders get very busy. Since banks are requiring more paperwork in order to approve mortgages, the length of time to closing is increasing, and once Spring hits and more people sell their homes, these institutions will be bogged down with people trying to get from contract to closing. If you can avoid adding stress to an already complicated process, why not do so?
4. There Will Never Be a Better Time to Move Up
The first three reasons to sell now were about getting the offers you want, but this point is about getting the home you want next.
What do I mean by “moving up”? As people’s lives change and children come and go, of course their lifestyles will change and their homes will change accordingly. So when people search for a new property, they usually choose a home that’s bigger and more expensive, and rather than stay in the same neighborhood, they will move to another that may have a more desirable amenities or location.
Prices are predicted to appreciate by 3.9% in the next year, so if you would like to “move up” to a more expensive home, you will pay more for both a down payment and mortgage payments if you wait. Rates are projected to rise with the improving housing market; if you move up now you can lock-in your 30-year rates before gradual changes create more expense for you.
It’s Time to Get Going.
As you well know, it’s easy to procrastinate with putting your house on the market. You may feel like you don’t have enough time or energy to go through the process, or that you’re “just fine” where you are. But if you’ve been sitting on this issue for several years, just imagine the mental energy that you could devote to your family and the activities you love once you have your home sale squared away.
If you’re waiting for conditions to get any better, you might be missing out on a great opportunity. Interest rates are the best they’ve been in years, demand is strong, and many people will wait until Spring has sprung to put their houses on the market. Take advantage of these opportunities today.
Not sure what to do next? Getting Signed Up For Marketing Is Great Place To Start
How many days does it take to sell a home in your neighborhood?
Market Report tells it all.