Is spring closer than we think? Depending on
which Groundhog you witnessed today, you may have less time than you think to
get your home on the market before the busy spring season. Many sellers feel
that the spring is the best time to place their home on the market as buyer
demand traditionally increases at that time of year. However, the next six
weeks before spring hits also have their own advantages. Here are five reasons
to sell now.
1. Demand is Strong
Foot traffic refers to the number of people out actually
physically looking at homes right now. The latest foot traffic numbers show
that buyers are still out in force looking for their dream home. These buyers
are ready, willing and able to buy…and are in the market right now! Take
advantage of the strong buyer activity currently in the market.
2. There Is Less
Competition Now
Housing supply just dropped to 3.9 months, which is well under
the 6 months’ supply that is needed for a normal housing market. This means, in
many areas, there are not enough homes for sale to satisfy the number of buyers
in that market. This is good news for home prices. However, additional
inventory is about to come to market. There is a pent-up desire for many
homeowners to move, as they were unable to sell over the last few years because
of a negative equity situation. Homeowners are now seeing a return to positive
equity as real estate values have increased over the last three years. Many of
these homes will be coming to the market in the near future. Also, new
construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that
41% of buyers would prefer to buy a new home while only 21% prefer an existing
home (38% had no preference). The choices buyers have will increase in the
spring. Don’t wait until all this other inventory of homes comes to market
before you sell.
3. The Process Will Be
Quicker
One of the biggest challenges of the 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. There is less overall business done
in the winter. Therefore, the process will be less onerous than it will be in
the spring. Getting your house sold and closed before the spring 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 5.3% over the next 12
months according to CoreLogic. If you are moving to a higher
priced home, it will wind-up costing you more in raw dollars (both in down
payment and mortgage payment) if you wait. You can also lock-in your 30-year
housing expense with an interest rate below 4% right now. Rates are projected to
rise by three-quarters of a percent by the end of 2016.
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. Is money more important than being with
family? Is money more important than your health? Is money more important than
having the freedom to go on with your life the way you think you should? Only
you know the answers to the questions above. 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.
Looking to Buy, Sell, or Invest? Contact:
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!
