- Demand is Strong
Buyer demand remains strong throughout the vast majority of the country. Buyers are ready, willing and able to purchase and are in the market to buy right now. Often, multiple buyers are competing with each other for the same home. Take advantage of the buyer activity currently in the market.
- There is Less Competition Now
Housing inventory is still under the 6-month supply needed for a normal housing market. This means that in most of the country, there is not enough homes for sale to satisfy the number of buyers.
In the past, the average number of years a homeowner stayed in their home was six, however that has increased to 9-10 years since 2011. Many homeowners have a desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners are granted the freedom to move.
Many homeowners were reluctant to list their home over the last couple of years with the fear that they would not find a home to move in to. Now, more homes are coming to the market at the higher end and they will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.
- The Process will be Quicker
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before shopping, which makes the entire selling process faster and simpler.
- There will Never be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. If you are planning on selling a started or trade-up home, it will sell quickly.
Prices are projected to appreciate by 4.8% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.