Other than the factors that force you to sell your home at a specific time, sometimes it can be difficult to decide when is the right time to put your home on the market for sale. Here are five reasons why listing your home on the market for sale this summer makes sense.
Demand is strong
According to a recent Buyer Traffic Report from the National Association of Realtors, buyer demand is still very strong for most areas in the United States. These buyers are ready to make their move and are actively looking for homes. With many buyers looking, take advantage of the buyer activity in the market.
The current housing inventory has a 4 months supply of property which is far below the 6 months that is deemed a normal market. This indicates that there are not enough properties available to satisfy the current demand in the marketplace. In some regions there is pent up desire to sell their homes as their home value has reached a point where they can now afford to make a move. In addition, as builder confidence has reached its highest point in over a decade, more single family construction will also surge this summer. All of this may lead to an increase in inventory changing the competitive landscape.
As the market strengthens then banks have more and more loans to close on properties. Selling your home now may make the process quicker and simpler. According to a recent report by Ellie Mae, a loan now is on average 42 days to close versus the 48 days we saw in busier January.
It is time to move up
If you are planning on upsizing to a larger home, now is a good time to do so. Prices are only going to increase so the cost of upgrading and financing is going to cost you more. With mortgage rates also expected to increase, locking in now at today’s rates is a wise idea.
It is time to move on
Consider the reason why you decided to sell in the first place and see if it is worth waiting. Would selling now afford you more opportunities in the way of a better financial situation or other valuable life quality or experiences? Only you know the answer and the control is in your hands. Perhaps now is the time to list your home for sale and move on to your life’s next chapter.