If you’ve been waiting for a good time to sell your home, it’s here. Whatever has kept you on the fence, push it aside and go for it. Here are a few excellent reasons to act now.
Why now is a good time to sell your home:
Inventory is in tight supply
Comparatively, the number of houses for sale is less than it was in the previous decade. The National Association of Realtors (NAR) reports that the level of unsold homes was 4.6 months in February, which is significantly lower than a normal market’s level at a five-to-seven month supply. This means that the entire inventory of houses sold quicker in February than normal. That lower number is good for you because with fewer listed properties it is more likely that your house will be sold – and sold faster at that.
Rising interest rates
Early speculation brought fear that June would bring a rise in interest rates. It seems we dodged that bullet – for now. The looming possibility of increasing rates will give people the motivation to move. With speculation that September will see a significant raise in interest rates more and more people will want to buy homes sooner rather than later to take advantage of the lower mortgage rates. It’s hard to say what will be announced by the Federal Reserve this fall, but the fear alone will cause people to act.
Higher rental costs
One of the main reasons for buying rather than renting is investing in your future. Why pay a large sum of money every month with nothing to show for it later? Lower rent amounts may make that seem less urgent, but as rents increase, that “waste” of money feels more like a loss. According to NAR, rental rates have risen 15% nationwide in the past five years in 70 metro areas across the U.S. These prices will drive more people out of renting and into buying. More and more first time buyers will enter the market and you have that much better of a chance to sell your house.
Here are some quick tips if you’re planning on selling this summer:
- Fix what’s broken – and only what’s broken
- Pay attention to curb appeal
- Market your home – don’t just list it
- Go green where possible
- Clean, clean, clean
- Determine a deadline and stick to it
- Cool down the house
Low interest rates, low home inventory and rising rental rates.and there aren’t that many houses flooding the market. Based on these simple facts, now is the best time to sell a house so go for it!