Have you found yourself questioning whether or not now is a good time to sell your home? Perhaps you’ve heard that it is from a number of different sources but are still wondering if you shouldn’t wait until things improve more in your area or you have more equity in your home. Only you, the homeowner can truly decide when the right time to sell is, however here are five reasons as to why all current homeowners should consider selling their properties at this time and with these market conditions.
The first reason to consider selling is that there are an abundance of buyers on the market looking for their next home. The National Association of Realtors reports that after a winter with a very lower number of buyers, the number of prospects on the market has steadily increased over the past few months.
Currently, there is also less competition for homeowners that want to sell. In most markets throughout the nation the inventory on hand is at a record low, meaning there are fewer houses for potential buyers to choose from. Market experts warn, however, that this will change soon as home prices continue to increase and more people have equity in their homes instead of being underwater as they had been the past few years. With the improvement in economy more developers are also starting to build new construction. Homebuyers are about to have more choices than they currently do with regards to homes they could potentially buy.
Another reason to sell now is because it will end up saving you time. Currently the length of time for a home going under contract until the time it closes has been quite lengthy; this will only get worse as more buyers enter the market and more real estate transactions take place.
From another aspect, if you are selling to move up now is also a great time for you to buy because interest rates and home prices are set to increase over the next few years. Experts suggest that home prices will increase by almost 20% in the next three to four years and interest rates will be well over 5% by the end of 2015.
Lastly, you should sell because it could benefit your financial situation and your family life in the long run. Only you can determine whether or not now is the right time to put your home on the market but looking at the potential money you could profit in a sale or the potential money you could save when selling and purchasing a new home, it is definitely worth consideration.