I’m sure you’ve heard by now that it’s a buyer’s market. True–with no shortage of inventory, record low interest rates, and price tags that seem more reasonable now than they did a year ago, it is definitely a great time to be a buy.
But what you may not have heard (as much) is that now is also the perfect time to sell! If you are thinking of selling your home within the next 6 to 18 months, you may want to consider listing sooner rather than later. One of our favorite real estate blogs (and easily our most referenced), The KCM Blog, recently posted an article laying out 5 reasons why you should sell today (and why waiting may not be in your best interest)…
1. Your House Will Get More Exposure Now Than the Winter
The real estate market tends to get more action during summer and fall than during the winter, especially during the holidays. The market tends to level out during the summer, followed by a surge in action during the fall months. The KCM Crew points out that it’s not too late for your home to hit the market during the fall season, which has “consistently outperformed the winter season.”
2. Distressed Properties Will Impact Prices
Keep in mind that, “Distressed properties (foreclosures and short sales) on the market will increase this fall and winter. This will put tremendous downward pressure on prices for at least the next 12-18 months. Get your home sold before they become your competition.”
3. Mortgages Will Become More Difficult to Attain
With new legislation rolling out October 1 and even more legalities being considered, qualifying and obtaining a loan will likely become increasingly difficult. Demand for inventory will decline should buying start to slow. And when demand goes down, so do the prices.
4. It is the Perfect Time to Move-Up
Interested in trading up? Consider that, “With prices where they are and interest rates at all time lows, there may have never been a better time to move-up into your dream home. If you move into a more desirable home now, you will be in position to gain larger equity as prices eventually appreciate.”
5. You Get to Move On with Your Life
Most importantly, you shouldn’t let a not-quite perfect market keep you from living your life. Remember: “You are considering selling for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you are thinking about moving. Are these reasons really important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.”