There's no doubt about it — we're still in the midst of a seller's market. If you’ve been on the fence, here are three reasons you should sell your home this spring.
1. Inventory is low
The month’s supply of homes has lowered to just 2.6 months. That means that if no new homes were placed on the market, it would take just 2.6 months to sell all the homes on the market at the current rates of sales. (When the month’s supply goes below six months, it is considered a seller’s market.)
If you’re a potential seller with a quality, traditional home, your property is likely to stand out amidst the limited competition.
2. Prices are rising
Many homeowners are relieved to be coming out from underwater at last — in the last year, median home prices have risen 14 percent in our market. Seller confidence is a big factor, and it's true that homeowners are placing their homes on the market for higher than in years past.
However, in many cases, the rising home prices are because buyers are competing over a low inventory of listings. When buyers try to outbid each other by entering multiple offers, sellers can benefit from a higher sales price.
3. Mortgage rates are rising
If you're looking to sell your home and buy another, pay close attention to our current mortgage interest rates, which are rising and expected to continue rising throughout 2014. Even small upticks can greatly affect buyers, so talk to a home mortgage consultant about how a change in rates would affect your buying power.
Selling is a big decision. If you'd like an expert's help, reach out for a complimentary home value estimate.