Is now a good time to sell?
November 24, 2013Thanksgiving is around the corner and the holidays seem just as close. It's around this time that the idea of the year winding down leads many people to believe they should also start winding down. Most decide they should leave new projects or goals for the first of the year. If you've been thinking about selling, it's reasonable to be asking yourself, "would now be a good to time to sell my house or should I just wait until next year?" Well folks, the year isn't over yet and selling now will put you ahead of everyone who decides to wait until next year. Here are four very specific reasons why you should sell right now.
Demand is high. Buyers who missed out on purchasing a home earlier this year or who couldn't compete in multiple offer situations are still out looking for homes. Those who just started looking are realizing they need to act quickly before mortgage rates rise again.
New construction is on the rise. With high housing demand, new construction is once again on the rise. Once construction is completed, buyers are more likely to gravitate to and purchase a new home versus the properties that are currently on the market.
Retail inventory/supply is increasing. The amount of housing inventory on the market has slowly but steadily been increasing over the last few months and is approaching previous historical norms. As more sellers put their houses on the market, along with the new construction, there is more competition in attracting buyers and getting the price sellers are asking for.
Interest rates are going to rise again. Over the course of the year we have seen interest rates rise and then drop slightly. Projections for next year show interest rates rising at least another 1 percent higher with more expected as the year progresses, making home purchasing more expensive for buyers.
With that in mind, selling right now will put you in the position of having the advantage of a still high housing demand before more houses come on the market and before new housing construction is completed. There are less houses to compete with and more buyers still ready, willing and able to buy due to affordable interest rates.
Ask yourself whether waiting for next year could mean selling your house for less than your desired asking price due to a more competitive market for sellers. Otherwise, sell now and you will maintain an advantage over other sellers who decide to wait until next year.
Jeana Boulos is a local real estate professional living in Valley Center. Feel free to contact her for any of your real estate needs at 760-517-6316 or firstname.lastname@example.org. Visit her website at www.boulosrealty.com. CA BRE #01923953