Demand: Buyers are ready NOW!
Buyer demand remains very strong throughout most of the country, according to the National Association of Realtors’ Buyer Traffic Report from November. Key indicators show that prospective buyers are ready, willing and able to purchase! In fact, multiple buyers are often competing against each other to buy a home, so take advantage of that zealous buyer activity.
Inventory: YOU have the competitive advantage
According to recent data, housing inventory is still below the market’s necessary 6-month supply, meaning there are not enough homes for sale to satisfy the number of buyers in the market. If your home’s equity has grown with your home’s value, that’s great news! But keep in mind, buyers’ choices and selection will continue to increase in the near future. Don’t wait until this additional inventory comes to market before you decide to sell.
For decades, the average number of years a homeowner stayed in their home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have been waiting and wanting to move for years, but their negative equity situation rendered them unable to sell. As home values continue to appreciate, increasingly more homeowners will be free to move.
Speed: Not just a great movie from the ‘90s
To stay competitive in today’s marketplace, buyers are doing all they can to stand out from the crowd - they’re even obtaining pre-approval for their mortgage financing. This expedites and simplifies the entire sale, as buyers know exactly what they can afford before they start shopping. Ellie Mae’s Origination Insights Report from October of last year reveals the time to close a loan has dropped to 44 days, marking the end of a 12-month high in 2017. Quicker processing means you’re on the move even sooner!
Upgrade: Opportunity’s knocking
Ready for a luxury home? The inventory of homes for sale at higher price ranges has created a buyer’s market. If you are planning to sell a starter or trade-up home, you can expect that home to sell quickly, and then you’ll be able to find a premium home to call your own. According to CoreLogic, prices are projected to appreciate by 4.7% in the upcoming year. If you put off that move to a higher-priced home, it will ultimately cost you more in raw dollars (both in down payment and mortgage payment). Time to upgrade!
Urgency: Your Quality of Life Matters
Take a moment to consider the reason or reasons you decided to sell in the first place. Is it worth waiting? Is the money you might save more important than being with family? Your health? Your personal freedom? Remember, today’s market puts you in a powerful position to take control and put your home in front of buyers, but only you can be certain if now is the right time for you and your family. Start living the life you’ve always wanted... in the home you’ve always envisioned!