1. Demand Is High
The most recent Existing Home Sales Reports by the National
Association of Realtors (NAR) show a double digit percent increase in sales
year-over year; sales have remained above last year’s levels for over 25
months. There are buyers out there right now and they are serious about
purchasing.
2. Supply Is Beginning to Increase
Total housing inventory is again approaching historic norms
of a 5 month supply compared with 4.3 months in January. Many expect
inventory to continue to rise as 3.2 million homeowners escaped the shackles of
negative equity in the last 12 months and an additional 1.9 million are
expected to enter positive equity in the next 12 months. Selling now
while demand is high and before supply increases may garner you your best
price.
3. New Construction Is Coming Back
Over the last several years, most homeowners selling their
home did not have to compete with a new construction project around the
block. As the market is recovering, more and more builders are jumping
back in. These ‘shiny’ new homes will again become competition as they
are an attractive alternative for many purchasers.
4. Interest Rates Will Again Rise
Although Freddie Mac’s Primary Mortgage Market Survey shows
that interest rates for a 30-year mortgage have softened recently, most experts
predict that they will begin to rise later this year. The Mortgage
Bankers Association, Fannie Mae, Freddie Mac and the National Association of
Realtors are in unison projecting that rates will be up almost a full
percentage point by this time next year.
Whether you are moving up or moving down, your housing
expense will be more a year from now if a mortgage is necessary to purchase
your next home.
5. It’s Time to Move On with Your Life
Look at the reason you are thinking about selling and decide
whether it is worth waiting. Is the possibility of a few extra dollars
more important than being with family; more important than your health; more
important than having the freedom to go on with your life the way you think you
should?
No comments:
Post a Comment