5 Reasons to Sell This Fall in Burlington, Vt.
With the kids back in school, and with the holidays right around the corner, you might not think that now is the best time to sell your house. But with demand still strong, you could be missing out on a great opportunity for your family.
Here are five reasons why you should consider selling your house this fall:
1. Demand Is Strong
The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country.There are buyers in the market right now that are ready, willing, and able to purchase a new house.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.
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 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. This means many of these home may come to the market this Fall.. Being ahead of the curve may provide an advantage in the market.
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. Last month’s new home sales numbers show that many buyers who have not been able to find their dream home within the existing inventory have turned to new construction to fulfill their needs. You may be living in exactly what a prospective buyer is searching for in the market!
The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you decide to sell.
3. The Process Will Be Quicker
Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007's pace. As the market heats up, banks will be floodedwith loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler.
4. The Best Time to Move Up
If you are moving up to a larger, more expensive home, now is the best time to consider a move. 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 (both in down payment and mortgage payment) if you wait.
According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.46% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.
5. It’s a Perfect Time to Downsize and Simplify
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? Are your surrounded with a house that is too big now that the kids have moved out? Tired of the upkeep necessary for that over sized house?
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.
