Real Estate Watch: Things to consider when selling now

Philip A Raices

I talk and help a multitude sellers in all different situations and provide assistance and information to guide them through the process of selling.  

Some will wait until they really need or want to sell and others will decide to completely change their lifestyle and downsize and reduce their responsibility with everyday expenses and upkeep of having to deal with their current home; and some will decide to upgrade and purchase a larger living space, due to their growing families and specific “Needs and Wants”, schools, closeness to transportation, town, etc.   

Time can pass very quickly, so deciding in advance as to where you want to be in the next 1-4 years will take a lot of planning and strategizing as to what is really important in the “scheme of things.”  

Try to visualize your life and what you want it to look like.  

If you are still working; do you still have the passion to continue and how much longer will you want to work or is it the “Use it, Lose it Syndrome” keep you going, because you still have a purpose in continuing?  

Only you can decide these ever important questions.  

But whatever your decision is, take the time and figure it out the best way you can.  

Make a list of “pros and cons” of selling.  

Is it financially feasible?  What will you do with your win fall of cash?  Have you talked with a licensed financial planner?  

There are so many questions to be asked and answers will come; just take enough time and try not to be emotional, but be pragmatic and logical through the process.

As the temperature continues to rise, buyers are coming out ready to purchase their dream home. Here are five reasons that you should list your house for sale now.

1. Strong Buyer Demand

Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are significantly more prospective purchasers currently looking at homes than at any point in the last two years!

These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

The National Association of Realtors reported last week that housing supply has slipped to a five-month supply. This is still under the six-month supply that is needed for a normal housing market.

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices.

There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. 

Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. Home Prices Are Skyrocketing

Daren Blomquist, president of RealtyTrac, recently shared insights into why “2015 is a Great Year to Sell” by saying:

“So far in 2015, [sellers] are realizing the biggest gains in home price appreciation since 2007. 

In June, sellers sold for above estimated market value on average for the first time in nearly two years. 

One major factor driving prices up is the lack of inventory available for the amount of buyers in the market. 

Often buyers, who find a home that they would like to make an offer on, are met with the reality that they aren’t the only ones interested.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now.

Prices are projected to appreciate by over 19.4 percent from now to 2019. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. 

You can also lock-in your 30-year housing expense with an interest rate near 4 percent right now.

Rates are projected to increase by a full percentage point over the next year according to Freddie Mac.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. 

Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. 

You have the power to take back control of the situation by putting your home on the market. 

Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

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