4 Reasons You Should Sell Your Home Today
If you were wondering when would be a good time to put your home on the market - It's today. Yesterday might have been better. Some homes in Rehoboth Beach are being sold in just days after being put on the market. This isn't typical, but there is no doubt that buyers and investors are back in the game.
1.) Demand Is High
Homes are selling in our market 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 and investors out there right now and they are serious about purchasing. Some homes are even selling "sight unseen".
2.) Supply Is Low
The monthly supply of houses for sale is at its lowest point (4.2 months at the end of March) since May of 2005. The current month’s supply is down over 20% from the same time last year. Historically, inventory increases dramatically in the late spring to early summer. Selling now when demand is high and supply is low may garner you your best price.
3.) New Construction Is Coming Back
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. Have you seen any new construction in your area? These ‘shiny’ new homes will become competition for older homes as they are an attractive alternative to many buyers.
4.) Interest Rates Are Projected to Inch Up
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. Waiting to sell your current home could cost you thousands on your next home in interest alone.
Carla and Pat have nearly 6 decades of trusted, local real estate experience. If you have any questions about what is selling in your area, give us a call or email us at email@example.com. If you would like a free Market Analysis of your home visit our What's My Home Worth page to get us to work right away.