Why Now Is An Exceptional Time to List
If you’re uncertain as to whether this is a good time to sell your property, wonder no longer.
This is a great time to sell your property, and waiting for a better moment might end up resulting in more days on the market, fewer offers to choose from and lower asking prices.
Currently interest rates are at low levels. As of this morning fixed rate loans at 30 year terms are hovering between 3.85 and 4%. But these rates will not last forever and your potential buyers know it. In fact, the Federal Reserve has recently hinted that an increase in interest rates is just around the corner. Well informed buyers know that this projected increase will likely mean that acting soon will get them a better overall deal than they might be able to find a year from now. So many people are currently renting that rent costs have gone up about 15% nationwide. This means that some buyers can actually buy more home for less money than they are currently getting by renting.
While buyers know this is a good time to shop around for their dream homes, fewer sellers are currently listing their properties. Right now inventory is down but demand is high, so we’ve found ourselves in a seller’s market. In a normal housing market, demand would mean that the total housing inventory would sell in about six months. Presently the level of demand relative to availability creates only about a four and a half month supply, which means there are more buyers looking for homes than there are homes for them to buy, making this a seller’s market. This won’t always be the case, so sellers should take advantage of this situation.
One of the side benefits of being in a real estate market with low inventory is that the entire buying process often move more smoothly. With fewer sales occurring each day due to fewer homes on the market, lenders and banks are facing less of a backlog of loan requests as well as inspectors and assessors having more availability.
This is also an excellent time to invest in a home. While the housing market has recovered a lot from previous years, there is still plenty of room for growth. By listing your property now, you can not only help your buyer invest in your old home, you can reinvest in an even nicer new home for the coming years.