Many homeowners are waiting until the Spring ‘buying season’ to
list their homes for sale. Here
are five reasons why that might not make sense this year:
1.) Demand Is High Homes are selling at a pace not seen since 2007. The most recent
Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012
increased 9.2% over 2011. There are buyers out there right now and they are
serious about purchasing.
2.) Supply Is Low The monthly supply of houses for sale is at its lowest point (4.4
months) since May of 2005. The current month’s supply is down 21.6% from the
same time last year. Historically, inventory increases dramatically in the
spring. Selling now when demand is high and supply is low may garner you your
3.) New Construction Is Coming Back Over the last several years, most homeowners selling their home
did not have to compete with a new construction project around the block. As
the market is recovering, more and more builders are jumping back in. These
‘shiny’ new homes will again become competition as they are an attractive
alternative to many purchasers.
4.) Interest Rates Are Projected to
Inch Up The Mortgage
Bankers’ Association has
projected mortgage interest rates will inch up approximately one full point in
2014. Whether you are moving up or moving down, your housing expense will be
more a year from now if a mortgage is necessary to purchase your next home.
5.) Timelines Will Be Shorter The dramatic increase in transactions caused many challenges to
the process of buying or selling a home in 2012. We waited for inspections,
dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just
one more piece of paper’ before issuing a commitment on the mortgage. There are
fewer transactions this time of year. That means that timetables on each
component of the home buying process will be friendlier for those involved in
transactions over the next 90 days.
6.) Foreclosures are Going to Flood
the Market…Again Just when the market is starting to see signs of healing from a
tremendous foreclosure epidemic it has been hypothesized it is not for good.
Home seizures are expected to jump and they will drive down the value of homes
These are six great reasons why you should consider listing your
house today instead of waiting. Do you have a 2013 seller's success story to share?
Author:Kelsey Rorabeck Phone: 715-529-1410 Dated: September 12th 2013 Views: 502 About Kelsey: Kelsey was a student athlete for 4 years at Augsburg College and received the Joyce Plaff (scholar a...
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Whether you are buying or selling your home, the 'Rorabeck Real Estate Group' with Keller Williams Realty Integrity WI/MN will make sure your experience is a pleasant one. We pride ourselves on our close to 30 years of experience and our superior customer service within St. Paul, MN, Hudson, WI and the surrounding Western WI areas. Contact us for your home buying & selling needs. "Who do ya know wants to buy a home?"