Many buyers are reluctant or unsure on whether or not to sell their home. Families may worry about the current and future home values, investors may be wondering if the time is right. Sellers are concerned, and smartly so, with current interest rate trends. Sellers are asking, "Can buyers qualify for mortgages?" There are many things to think about when considering to sell your home, like friends and loved ones, but that shouldn't stop buyers from selling. This year has been one of the best years in U.S. home sales in almost a decade. Here are some good reasons to consider selling your home now.
1. High Demand Makes It A Sellers Market
The economy is coming back and many buyers are starting to look for new homes. When the economy crashed in 2008 U.S. home sales crashed too. But things are looking better and many buyers and sellers who survived the crash are reentering the market.
The crash also halted many construction projects so there are fewer new homes on the market. That puts the ball in the seller's court. Many buyers are looking for newly built homes but the market just isn't their yet. Low inventory for new homes puts current homeowners in a great position to sell.
CNN writes, "The level of unsold homes was 4.6 months in February. That means it would take a little less than five months for all available inventory to sell. In a normal market, a five-to-seven month supply is considered balanced. Tight inventory tends to prop up home prices and can result in multiple offers and spur bidding wars."
Weather has also played a role in the current real estate market. An online source writes about weather and real estate, "There is currently a pent-up demand of purchasers as many home buyers pushed off their search this past winter & early spring because of extreme weather. According to the National Association of Realtors (NAR), the number of buyers in the market, which feel off dramatically in December, January and February, has begun to increase again over the last few months. These buyers are ready, willing and able to buy…and are in the market right now!"
2. Seller's Power
It has never been easier for sellers to take on more of the selling process and save/make more money selling their home. Many people are taking on some of the selling responsibility and turning that hard work into hard cash. While you will need a real estate agent for most of the technical and official stuff, buyers can do somethings themselves which can give them a real edge in the market.
Sellers can list their own homes on internet websites and can do a lot of the PR work themselves. You want as many potential buyers looking at your home as possible. Listing your own home on as many of free real estate sites as possible will greatly increase your home's exposure. With internet access sellers have more power than ever before.
If you do decide to sell you will have to have pictures of your property. This seems like a trivial side of the selling process but it can make all the difference. With the digital revolution, composing, taking, processing and sharing images has never been easier. Sellers can now take their own real estate images. This means seller no longer needs to hire a professional photographer or become stuck with terrible images of their home.
Sellers should always remember that most buyers will see your real estate for the first time in a picture. Having good images can make or break a deal, and repel or entice a potential buyer. There are a few caveats to consider before you grab your gear and start shooting.
Even if you are a full blown shutter-bug, taking the right real estate images is an art unto itself. The Obeo Real Estate Photography eBook lists equipment and preparation as two of the biggest concerns. Sellers interested in taking their own real estate images should be sure they have all the required equipment and be sure they really know how to use that equipment. Obeo remarks that the little things, like when to use or not use a flash can be a big deal. They also recommend preparing your home before the big shoot. Sellers want to show their house at its best, and a little landscaping, and painting can make a seller's home really shine.
3. Higher Projected Future Interest Rates
Higher projected interest rates might make you consider selling your home now. Mortgage Rates have remained low so far. This means more buyers will be on the market and motivated to buy before the Federal Reserve raises interest rates. Buyers know that the interest rates will go up soon. Many buyers will want to beat that rate increase. That puts the pressure on the buyers and gives the sellers a leg up. CNN writes, "The Federal Reserve's recent hint that higher interest rates are coming sooner rather than later could prompt buyers to start their house hunt in order to take advantage of lower mortgage rates. When interest rates are thought to be escalating, we see a wave up activity with people getting off the sidelines."
Photo credit: Cyndie