Summer is officially here, and the housing market is warming up right along with temperatures. Here are four great reasons to list your home for sale this summer:
- Buyers galore. In our local market, buyer activity is strong. The same is the case in markets across the U.S., according to the latest REALTORS® Confidence Index Survey compiled by the National Association of REALTORS®. Our Executives are working with a large number of buyers who a ready to buy right now, but can't find what they're looking for. More and more often, buyers are competing with each other for the same properties. Why not take advantage of strong buyer activity?
- Inventory (not) galore. A normal, well-functioning housing market requires a 6-month supply of inventory. In our local market, many price ranges have 4 and 5 months of inventory. This combined with heavy buyer demand leaves us with a shortage of homes available to satisfy the needs of buyers. Basic economics tells us that when demand is high and supply is low, prices tend to go up. But hurry, smart builders have started to fill this void, and better than existing homes do, so your competition is only going to get more fierce in the near future.
- Quicker closings now, longer later? Fannie Mae is predicting a surge in home sales through 2017 and into 2018. We believe banks and other mortgage originators will be slow to react to increased loan applications, processing, and underwriting needs. Selling now could be a much less stressful and quicker transaction.
- Great time to move up. If you find a new home that suits you, now is a great time to move up. As mentioned above, supply and demand will cause prices to appreciate by up to 4.8% through 2018, according to CoreLogic, a real estate data, analytics, and technology company. And while interest rates have trended slightly upward in 2017, the current 30-year fixed rate continues to hover around 4%, a mere 75 basis points above the record low. However, rates are predicted to continue to move up over the next year.
Posted by Chris Cole