June 23, 2016 by Jeff Lowen
Yes, I’m talking about your home. And, although that headline might be a little aggressive, as the data on the 2016 housing market begins to roll in, I can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
Of course, you could wait for next spring or when you’re back is against the wall, or… Pick a reason! All of which equate to the unknown and most equal less money for your home.***
The May numbers are not in yet, but the April numbers were sensational. Jonathon Smoke, Chief Economist at realtor.com, explained:
“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”
And Freddie Mac also expressed a tremendous optimism regarding home sales for the rest of the summer:
“Home sales typically rise in the spring and summer months, and we anticipate acceleration in home sales that will surpass 2007’s pace by late summer.”
The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a five-month supply of inventory. This represents a decrease in supply of 3.6% from the same time last year.
What that means is buyers will be beating down your door in most cases. Multiple offers, waived contingencies and fun stuff for sellers.
The moral of the story…
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood, and help you find a good agent to maximize your opportunity.
Click here for the next step… Which is finding your real home value.
Watch the video here to see the skillset the right agent should have to maximize your home’s value in this market.
***You might think that waiting for various reasons – all of which may be valid – might be fine. I mean, homes sell in any market, right? Yes… They do. Here are some intangibles that are beyond your control you should consider:
- The type of financing that’s being used by the majority of buyers. “Why would this affect me?” you ask. Certain types of financing removes the buyers ability to waive contingencies, ask for the seller’s help in closing costs, etc. Would you like more buyers looking at your home that had money to spare, or would you like more buyers looking at your home that need money from you to buy your home?
- The interest rate. It’s been demonstrated that nationally for every point the interest rate inches up, 250,000 buyers are priced out of the market and cannot buy your home. Regardless of the current market and inventory. The buyers that are looking at your home after the interest rate changes were just looking at homes that were more expensive than yours last week. Now they have to “settle” for yours. And they’re not happy about it. They’ll be more prone to nickle and dime you over inspection issues and since they have the financing to prove it, they’ll just move on if you don’t play.
These are just two of the over 110 market variables that can and will influence the sale of your home in the wrong market or with the wrong agent.
It pays to do a little recon now! What are you waiting for??