Believe it or not, 2016 is nearly over.
People across the country are thinking about what their life will look like in 2017: Should we relocate to a different part of the country to find different year-round weather? Should we move across the state for new job opportunities?
Homeowners in this situation must consider whether they should sell their house now or wait. If you are one of these potential sellers, here are five important reasons to list your house now instead of waiting until the grey days of February.
1. Demand among Buyers is Strong
Foot traffic refers to the number of people physically looking at home 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!
As we steadily approach the New Year, many people have other things (weather, holidays, etc.) that distract them from searching for a home. Take advantage of the buyer activity currently in the market.
2. There is Less Competition among Sellers
Housing supply across WNC is still well under the six months’ supply necessary for a normal market. This means that, in many markets, there are not enough homes for sale to satisfy the number of buyers. This is definitely good news for home sellers. However, additional inventory is about to come to market.
According to the U.S. Department of Housing and Urban Development, residential construction is on the rise. October saw significant increases in building permits, housing starts, and housing completions. All that means more housing inventory in 2017. The choices buyers have will continue to increase over the next few months. Don’t wait until this additional inventory of homes comes to market before you sell.
3. The Process will be Quicker
One of the biggest recent challenges within 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. Any delay in the process is always prolonged during the winter holiday season. Getting your house sold and closed before those 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 5.2% 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. Right now, you can also lock in your 30-year mortgage with an interest rate below 4%. Rates are projected to rise by this time next year.
5. It’s Time to Move forward with Your Life
There was a good reason you decided to sell your home. Is it worth waiting to put off those goals?
Is the potential for 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 your life by putting your home on the market now. Start 2017 on the right track. List your home now and Live the Life You Choose.
All real estate is local. In order to make confident real estate decisions, we believe it is important for you to have timely and neighborhood-specific information. If you would like more information about listing your home for sale, our experts at Beverly-Hanks are here to help. Contact us today to speak with a Beverly-Hanks real estate agent.
This post is adapted from “Winter is Coming… 5 Reasons to Sell Now!” by Keeping Current Matters.