Spring
is in full force; the summer months are right around the corner. If you are
debating moving up to your dream home, here are four great reasons to
consider listing your current home and moving up to your dream home now,
instead of waiting.
1. Buyer Demand is High; Inventory is Low
Recent
numbers show that buyer demand is at the highest peak experienced in years,
and inventory for sale is at a 4.5-month supply, which is still markedly
lower than the 6 months needed for a historically normal market. Demand in
many markets is far exceeding the supply, and more properties in March sold
in less than 30 days (42%) than in any month since last July. Listing
your home today can greatly increase exposure to buyers who are out in force
and ready to act.
2. Prices Will Continue to Rise
CoreLogic recently released their
latest Home
Price Index in which they predict that national home values will
appreciate by 5.3% by this time next year. The bottom in home prices has come
and gone. Home values will continue to appreciate for years. Waiting for your
current home's value to increase before selling could price you out of your
new home if you aren't careful.
3. Mortgage Interest Rates Are Still Near Record Lows
Interest
rates have remained below 4% for some time now and are substantially lower
than the rate previous generations paid when getting a mortgage. The Mortgage
Bankers Association, Fannie Mae, Freddie Mac & the National Association
of Realtors are in unison projecting that rates will rise over the next
12 months. An increase in rates will impact YOUR monthly mortgage payment.
Even an increase of half a percentage point can put a dent in your family's
net worth. Whether you are moving up or buying your first home, your housing
expense will be more a year from now if a mortgage is necessary to purchase
your home.
4. It's Time to Move On with Your Life
The
'cost' of a home is determined by two major components: the price of the home
and the current mortgage rate. It appears that both are on the rise. But,
what if they weren't? Would you wait? Look at the actual reason you are
buying and decide whether it is worth waiting. Have you always wanted to live
in a certain neighborhood? Would a climate change be just what the doctor
ordered? Would you like to be closer to your family?
Bottom Line
Bottom Line
If
the right thing for you and your family is to move up to the home of your
dreams this year, buying sooner rather than later could lead to substantial
savings.
David Demangos
858.232.8410
Locally Known, Globally Connected
Luxury Home Marketing Specialist
Global Property Specialist
David@AwesomeSanDiegoRealEstate.com
Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!
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