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5 Reasons to Sell This Fall
While mainstream thinking says that Spring & Summer are the only times to sell your home, Fall is typically one of the strongest selling seasons in my experience. Let me explain why.
1. Demand is Strong
“Foot traffic” refers to the number of people out, physically looking at homes right now. The latest foot traffic numbers show that there are significantly more prospective purchasers currently looking at homes than last year! These buyers are ready, willing and able to purchase RIGHT NOW. As a seller, take advantage of all this buyer activity.
2. There Is Less Competition
Housing supply is still under the 6 months’ supply that is needed for a normal housing market. Currently in the Tri-State market, there are not enough homes for sale to satisfy the number of buyers ready to purchase. This is good news for home prices. However, additional inventory is about to enter the market. Many homeowners have lacked the necessary equity to sell in recent years. With home prices continuing to rise, those sellers are prepping their homes for sale in the near future.
3. The Process Will Be Quicker
One of the biggest challenges sellers have faced since the Great Recession is the length of time it takes from contract to closing. Banks and mortgage companies now require more paperwork before approving a mortgage and it’s only going to get worse. There are new mortgage regulations that will become effective later this year that may cause closing times to lengthen.
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 over 18.1% from now to 2019. If you are moving to a higher priced home, it will wind-up costing you more, both in down payment and mortgage payment, if you wait. You can also lock-in your 30 year housing expense with an interest rate near 4% right now. Currently, 30 year mortgage rates are hovering around 4%. This time next year, rates will be a full percentage point higher.
5. It’s Time to Move On with Your Life
Look at the reason you initially thought about selling. Is it worth the wait? Is money more important than time with family? Is money more important than your health? Do you miss 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 back control by putting your home on the market.
Have questions about what your home is worth? Find out why homes listed with The Kent Brenneman Team sell for 1.7% higher than the competition AND in less time. Connect with me how you feel comfortable!
Buying a home should be fun & as stress-free as possible. As you look for your dream home, keep in mind these tips for making the process easier.
- Find a real estate agent with whom you connect. Buying a house is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you choose is both highly skilled and a good fit with your personality. Remember, it’s OK to laugh & enjoy the process!
- Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long. In fact, we often see multiple offers. Chances are if you love the home, other buyers do too.
- Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.
- Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
- Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take, especially in today’s market where inventory is low.
- Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
- Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers. In today’s market, you need to be pre-approved.
- Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short! I always tell buyers, “Just because you can afford it doesn’t mean you need it.”
- Have more questions? Connect with me how you feel comfortable by using the links on this page. I’m happy to help!