With the holiday season gone and the new year kicked in, buyers are coming out ready to purchase their dream home. Here are five reasons that you should list your house for sale now.
1. Strong Buyer Demand
Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are significantly more prospective purchasers currently looking at homes than at any point in the last two years!
These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
The North Texas housing supply has slipped to a 2.2-month supply. This is still under the 6-month supply that is needed for a normal housing market.
This means, in most areas of the metroplex, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices.
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 in the near future.
The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
3. Home Prices Are Skyrocketing
Forbes lists Dallas as the best cities to invest in real estate as a homeowner or investor:
Dallas dominates: The home of Exxon Mobil and the Dallas Cowboys claims the no. 1 ranking this year. Dallas has an average home price of $233,000. That’s up 3.9% from a year ago and underpriced by 3% compared to the city’s historic average. Local Market Monitor forecasts prices will increase 31% by 2020 thanks in part to 3.9% job growth in the past year and 6.2% population growth in the last three.
One major factor driving prices up is the lack of inventory available for the amount of buyers in the market. Often buyers, who find a home that they would like to make an offer on, are met with the reality that they aren’t the only ones interested.
4. 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 over 19.4% from now to 2019. 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 near 4% right now.
Rates are projected to increase by a full percentage point over the year according to 5%.
5. It’s Time to Move On with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide whether it is worth waiting. Have you always wanted to live in a certain neighborhood? Would a climate change be just what the doctor ordered? Would you like to be closer to your family?
That is what is truly important.
If the right thing for you and your family is to move up to the home of your dreams this year, buying sooner rather than later could lead to substantial savings. For more information about what your home could sell for today, get an instant answer here: What is My Value?
Contact me at email@example.com for a one-on-one real estate consultation on your home.