My neighbor told me that there aren’t many houses for sale so now may be a good time to get ours on the market. We have been waiting for prices to go up before listing. Have you seen an increase in what you can get for homes recently?
It happens to be the talk of the town in real estate right now that the amount of homes on the market is lower than it has been for a decade. Econ 101 taught us that when supply is down, prices go up which is exactly what is happening, especially for lower priced homes.
Not only are there fewer homes for sale, but the amount of time those homes have been on the market has decreased as well. If priced correctly, the typical home should sell quickly which is a huge relief for sellers trying to keep a home show-ready, waiting for a contract.
Mortgage rates remain low which also encourages buyers to buy now. Rates have been ticking up since last October but continue to be in the four percent range. Knowing they won’t stay this low much longer, buyers are eager to find a home so they can lock in their rate.
One more reason to sell now is the strengthening job market. As unemployment decreases and wages increase, buyers feel more confident about the future and a big ticket item like a home purchase appears possible.
For all of these reasons, now is a great time to sell your home. If show-ready and priced right, you will be packing and moving on before you know it.