Commonwealth Standard Realty knows that sometimes one can not be too sure on when is the best time to sell their home. Aside from any personal or professional reasons that may be creating a sense of urgency, here are 5 reasons why this spring may be the best time.
Demand – According to a recent Buyer Traffic Report from the National Association of Realtors, buyer demand is extremely strong across most major markets in the United States. These buyers are approved for loans and are ready to make a move when the right property comes along. This has resulted in many markets seeing multiple, competing bids on the same property. Take advantage of this great opportunity.
Less Competition – Housing inventory has been on a continuous decline for over 30 months in a row and we remain under the 6 months of inventory that is needed to satisfy a “normal” housing market. For anyone considering a sale of their home, this is great news. For many years the average time span a homeowner would remain in their home was 6 years but has recently been hovering more around 9 or 10 years since the year 2011. We don’t know when this could change so you may want to take advantage now.
Quick Process – Today’s market has called for buyer’s to be on their game from getting prequalified early on and putting their best foot forward when making an offer. This has resulted in making the process move along much faster. According to Ellie Mae’s recent report, the average time to close a loan was 45 days.
It’s a Good Time to Move Up – Especially if you are looking to move into a luxury home, now is a great time. Higher end homes are falling more into a buyer’s market which means that if you are planning on selling a starter or trade-up home, then your home will sell quickly and you will probably have an easier time finding and negotiating a purchase for your next.
It’s Time to Move on – Consider the reason why you decided to sell. Would it be worth waiting longer? Is your current home not accommodating enough and can you really put that off longer for a comfortable lifestyle? Only you really know the answers, but the good thing to know is that the environment now is conducive to sell. It is just up to you to take advantage of it.
If you wish to discuss the sale of your home, feel free to contact us here .