3 Reasons Why Now Is The Right Time to Sell
As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.
In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why:
Housing Inventory Is Still Low
In fact, the National Association of Realtors (NAR) Realtors® Confidence Index Survey reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw last spring.
Buyers Are Buying
The same report also indicates there are more interested buyers than active sellers today, which is one of the big factors driving home prices higher.
This powerful combination provides an ideal environment for sellers aiming to close a quick sale and earn a big return as we wrap up the summer season.
In a Harris Poll survey of 2,000 U.S. adults through Trulia, more than one-fifth of Americans between ages 18 and 34 said they plan to buy a home within the next 12 months.
Already, millennials make up the lion’s share of homebuyers at 36%, according to the NAR.
Interest Rates Are Very Attractive
Many of us can remember when the interest rates in the 1980’s were at 18%. Our parents paid a fortune in interest compared to what new homeowners are paying now.
Last year, in 2018, interest rates hit 4.945 according to Freddie Mac. January 2019 they were at 4.35%. Now in the summer of 2019, they’ve dropped a quarter of a percent. Every point of interest can increase your monthly mortgage payment by a couple of hundred dollars.
So here’s the question…why wait to pay more for your new home than you have to? It is, by far, the best time to take full advantage of the housing market before it’s gone.
There’s still time to make a move before the school year starts and the fall weather sets in. Maybe it’s time to make a change.
Your Two Cents
Have a question or comment, feel free to leave your two cents below.