The forecast for Home Sellers in our area looks very good for 2019. Home values have been increasing throughout most of our region and buyers are being prodded to buy a home by rising interest rates. So this winter promises to be an unusually strong real estate market throughout the Philadelphia region.
If you are considering selling your home in 2019, here are 5 reasons to consider selling your home this winter rather than waiting for the spring or later in the year.
First, the latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. At this time of year in our area, you will find many home buyers who are motivated to by a new home for a fresh start to the New Year and you have a large supply of couples who will get married in the spring and want to buy a home before they get married. These buyers are ready, willing and able to purchase…and are in the market right now. More often than not, multiple buyers are competing with each other to buy a home.
Second, housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that in most of the areas in our region, that are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.
Historically, the average numbers of years a homeowner stayed in their home was six but has hovered between nine and ten years since 2011. 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 situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
The choices buyers have will continue to increase. Don’t wait until the other inventory comes to market before you decide to sell.
Third, you will find that the home selling process is a lot quicker. Today’s competitive market has forced home buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 46 days and I am finding more and more loans to close within 30 days.
Fourth, there will never be a better time to move up. If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, and you’ll be able to find a premium home to call your own!
Prices are projected to appreciate by 4.8% over the next year according to CoreLogic and interest rates are on the rise. 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.
Fifth, 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 that 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 question above. You have the power to take control of the situation by putting your home on the market this winter. 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, isn’t it.
If you think you are ready to move forward and want to talk more about the benefits of selling your home this winter or getting an idea of what your home would sell for right now, feel free to reach out to me.