Most people have the idea that the very best time to sell is during the summer months. Kids are out of school, it doesn’t get dark until late, weather is nicer to sell. But in today’s market I wouldn’t wait until next summer to sell. Here are 4 reason why:
1- Interest Rates are still low
This is good for you and your buyer. By interest rates being around 4% for a conventional loan, people can afford more house. That means buyers can afford a higher priced home as they shop. Not only is that good for you to get the most money out of your house, it plays into your favor when you go to buy a house because you can afford a bigger, nicer house than if interest rates jump.
No one knows where interest rates will be next year. All the experts have been saying for the past year that interest rates are going to go up a whole percent. Doing math on that: a $200,000 home’s payment at 4% is $954.83 and at 5% it jumps to $1073.64 (that does not include mortgage insurance, taxes, or insurance – its just principle and interest). As you can see this could easily price buyers out of the market.
2- Buyers are still looking
Even though school started last week, we still have buyers out looking! Many people think that when school is in the buyers stop looking but that is not true. We are working with people that school and winter don’t effect when they buy. Some don’t have kids in school or are home schooled, some want to move schools, and some just need to move more than they want to stay in that school, or they might be moving within the same school district. Don’t let this time fool you, there are still more buyers than sellers.
3- Home values are up and we don’t know the future
In Utah home values are currently up this year. We are about 6% above where we were last time this year. On average home prices go up 4% a year so we are above average. This could slow down at any minute. Check your home’s value instantly:
4- Its a sellers market
When there are less homes on the market than we have buyers that want to buy them we consider this a sellers market. This is one of the reasons that home prices have been going up than average. Being a seller’s market it is a perfect time to sell even though school has started. We still have more buyers than sellers and are still in a sellers market. Our homes are selling in days when priced right and in less than a month when we stretch for a higher price. This means you can still get top dollar and sell in your time frame.