1. Strong Demand
According to the Buyer Traffic Report from the National Association of Realtors (NAR), buyer demand remains very strong throughout the vast majority of the country. These buyers are willing and ready to purchase, so it’s best to get your home out there sooner to grab eager buyers.
2. Less Competition
Housing inventory is still under the 6-month supply that is needed for a normal housing market. When inventory is low, buyer’s have to compete to buy your home. How long have you been in your home? If it’s been 6+ years, you are looking at some equity gains for your sale! As home value continues to rise, you have more options as a homeowner to set the price for your home. The catch with low inventory means there will be a large fluctuation in inventory later. Don’t wait until this other inventory comes to market before you decide to sell.
3. Quick Process
In times of low inventory, buyers are competing for your home. To make themselves stand out, they are getting prequalified and taking steps to reduce the days until close. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days, after seeing a 12-month high of 48 days in January. Use this to your advantage if you are in need of a quick move for a job or other personal reasons!
4. There Will Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move-up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!
Prices are projected to appreciate by 5.0% 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.
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 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.