Are you someone who believes Spring is the “buying season”? Many homeowners wait until Spring to list their homes for sale. Here are five reasons why NOW is the time:
1.) Demand Is High
Homes are selling at a pace not seen since 2007. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012 increased 9.2% over 2011. There are buyers out there right now and they are ready to BUY your home!
2.) Supply Is Low
The monthly supply of houses for sale is at its lowest point (4.4 months) since May of 2005. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring, increasing your competition. Selling now when demand is high and supply is low may help you get your best price.
3.) New Construction Neighborhoods are popping up EVERYWHERE!
For the last several years, homeowners selling their home did not have to compete with a new construction projects in their area. 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 to many BUYERS.
4.) Interest Rates Are Projected to Increase Slightly
The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013. 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.) Timelines Will Be Shorter
The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved over the next 90 days.
NOW is the time to contact me to list your home! It is a great time to make the move! Not sure you can get another mortgage? Visit my website and complete a FREE, NO OBLIGATION Pre-Qualification from The Shanley Team at Inlanta Mortgage. Not in the Indy area? I can help you with that too! We have great Keller Williams Realtors EVERYWHERE, let me make an introduction for you!