5 Really Good Reasons to Sell Your House in 2014
Last year, nearly 4000 home buyers realized that it was a great time to buy a home in Southern Delaware. Heading into 2014 might be the opportune time to sell your house. Here are the five reasons we believe now may be a perfect time to put your house on the market.
1. Demand Is Higher
The most recent Existing Home Sales Reports by the National Association of Realtors (NAR) show a double digit percent increase in sales year-over year; sales have remained above last year’s levels for over 30 months. Locally, sales year over year have shown the double digit increases.There are buyers out there right now and they are serious about purchasing.
2. Supply will Surely Increase
Total housing inventory is again approaching historic norms of a 5 month supply compared with 4.3 months in January. Many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months. Selling now while demand is high and before supply increases 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 Sussex County. As the market is recovering, more and more builders are jumping back in. Developments that were stagnant a year ago are buzzing with activity and permits are on the rise. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.
4. Interest Rates Will Again Rise
Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by this time next year.
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.
5. It’s Time to Move On with Your Life
This is probably the most overlooked reason for selling. Take a long and hard look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than moving on with your life; more important than your health; more important than having the freedom to go on with your life the way you think you should?
You already know the answers to the questions we just asked. You have the power to take back control of your situation by putting the house on the market today. The time may have come for you and your family to move on and start living the life you desire. We believe that is what’s truly important.
The Rehoboth Beachteam combines six decades of trusted, local real estate experience. Contact us via email at email@example.com with any questions you may have about the market or to request a free home valuation.