You've all been hearing that the housing market is doing great! But do you really know what that means? I sat down with one of my newest homeowners for a Comparative Market Analysis (CMA) of their home.
They were very excited to talk about their options and how much their home was worth in today’s housing market. We also talked about the timing of the market and the importance of staging and marketing when listing your home for sale. They were happy to hear the market had recovered and patiently waited until the end of my presentation to hear how much their home was worth.
When I shared the news I saw their eyes light up with joy. They weren’t going to get filthy rich from selling their home, but they were pleasantly surprised to learn that they had enough equity to purchase that dream home they had been pining for years.
A few years ago, during the downturn of the market, the husband lost his job. They struggled for months and were terrified they would lose their home. With strict budgeting and determination they were able to keep their house.
He later found a job and they are doing amazingly well. They still were skeptical about the value of their home so I offered to do a CMA for them. I provide this service at no charge to anyone who wants it.
Since the beginning of 2016, we have experienced a steady increase in prices. Depending on the county you live in or the city, you may have seen a 1-2% increase each month. The movement has put us into a Seller’s market.
Gig Harbor has seen a steady 1% increase monthly since the beginning of the year. We currently only have 1.5 months worth of inventory in Gig Harbor and are in desperate need of listings. The price increases won’t last forever and we will see a leveling off soon.
A normal market will bring us 6-7 months worth of inventory and we would like to see our housing market stabilize.
Here are the Seven reasons why you should sell your home now!
- Home Prices Are Up: As already stated home prices are up. You may have no idea how much your home is worth. We would love to tell you this info for FREE! Our goal is to help people buy and sell real estate, but we also want to be your real estate resource. Education is very important to us! Contact us today to schedule your FREE Comparative Market Analysis.
- Interest Rates Are Low: Why should a homeowner care about Mortgage Interest Rates? You should care because that helps you gauge if home buyers are out and shopping for homes. Typically when interest rates are low, home buyers are out and in full force! Right now home buyers are out and in most area’s seeing multiple offers on homes.
- Demand Is High: The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!
- There Is Less Competition Now: Housing supply is still under the 6-month supply that is needed for a normal housing market This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this fall. Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017. The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
- The Process Will Be Quicker: Fannie Mae anticipates an acceleration in home sales that will surpass 2007's pace. As the market continues to strengthen, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler.
- 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. That is what is truly important.
- 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 5.3% 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. You can also lock-in your 30-year housing expense with an interest rate below 4% right now. Rates are projected to increase in the next 12 months.
They decided to list their home with me! With stead fast marketing, a great product, and an exceptional price, we got an offer on their home within 3 days of listing and two more 2 days later. They had no idea that would be the outcome and they ended up choosing an offer that was $15,000 dollars over asking price.
If you have thought about selling your home and are not sure if now is the right time or if you are unsure what your home is worth, please contact us today to discuss your options.
We always enjoy discussing everything real estate! Contact us today to discuss YOUR options.