5 Reasons to consider selling this summer.
Are you thinking about selling your house? If not, why not? According to GLVAR (Greater Las Vegas Association of Realtors) :
With strong demand from millennial babies coming into first time home buyer market, this shortage is pushing home values to go up and sales to outpace in 2017 compared to 2016.
If this doesn’t convince you to consider selling, take a look at these 5 reasons:
1. Strong Demand
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the county. These buyers are ready, able to buy, willing, and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the market.
2. Less Market Competition
Housing inventory is currently at a 4.2-month supply, well under the 6-months needed for a normal housing market. This means, in the majority of the country, 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 could be coming to the market soon.
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 two years. Many of these homes will be coming to the market this summer.
Also, builder’s confidence in the market has hit its highest mark in over 11 years. Experts are predicting that new construction of single-family homes will ramp up this summer.The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
3. Quicker processing Time
Fannie Mae anticipates an acceleration in home sales that will surpass 2007’s pace. As the market continues to strengthen, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to a new low of 42 days, after seeing a 12-month high of 48 days in January.
4. There May 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 4.9% over the next year, 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 around 4% range right now depending on your qualifications. Rates are projected to increase in the next 12 months.
5. 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 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.
Keep in mind, making a decision to sell your house and moving to different house/location is a big decision. A decision only you can make!
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