Spring is in full swing; and summer is just right around the corner. If you are still thinking about moving up to the home of your dreams, here are the top four reasons to consider selling your current home and buying your dream home now!
1. Inventory is Low and Demand is High
Recent data shows that buyer demand has reached its highest point in years, and inventory for sale in Thurston County is only at about a 2-month supply, which is still considerably lower than the 6 months typical for a "normal" market.
Demand in our market, in some cases is actually exceeding the supply. Listing your home at the right price and proper exposure, most likely will have your home sold in less than 30 days. More properties in March sold in less than 30 days across the United States (42%) since July 2015.
Listing your home can greatly increase visibilty to all the buyers who are out in droves and ready to buy!
2. Home Price Will Continue to Increase
CoreLogic recently released data Home Price Index where they foresee that overall national home values will go up by approx 5.3% by this time in 2017.
The bottom of the market is a thing of the past, and days of dragging your feet are over. For waiting for a price reduction, or thinking a low ball offer may get you the home is highly unlikely. In fact, chances are good, that if you liked the home, so did someone else and the home will be gone before you know it. Home values will continue to rise for many years. But, if your thinking on waiting for your current home value to rise before selling could actually price you out of the market if you aren’t careful.
3. Mortgage Interest Rates Are Still at Historic Lows
Interest rates have remained in the mid to high 3's% for a while now and are considerably lower than the rates previous generations got when securing a mortgage.
There is a general consensus between The Mortgage Bankers Association, Freddie Mac, Fannie Mae and NAR projecting that rates will at some point rise over in the next 12 months. The Fed has continued to keep rates low, and last week knocked rates down even more. At some point, there really is no other direction rates can go, other than up.
A rise in mortgage rates will raise YOUR monthly mortgage amount. An increase by even just a half of a percentage point can significantly hurt your purchase power. Whether you considering moving up to larger home, or just looking to buy your very first home, waiting a year will either increase your housing expense, or make you have less buying power.
4. Now is the Time to Move on With your Life
The ‘cost’ of a home is developed by two major parts: the cost of the house and the what the current mortgage rates are. Right now, It appears that both are trending upward. But, what if that wasn't the case? Would you still wait?
It is important to survey the actual reasons you are considering buying and then decide if it is worth waiting. Are you holding out for a specific area or neighborhood? Would you like a different setting, farm, waterfront, city living? Would you like to be closer to your love ones?
Here's the Bottom Line
Sometimes it is just the right time for you and your family to move up, and sometimes it just isn't. If this is a decision you've been weighing and all the shoes seem to be on the right feet, waiting could actually cost you a lot more than you are anticipating. Even better, not waiting could save you a ton of money!
If you are thinking of selling your home and moving up, hiring a realtor is the first step to make that a reality. Right now, getting top dollar for your home is important. Good realtor's do two things well, that net you top dollar, First we set the RIGHT price for your home, then we get it seen by the MOST people.
Give Dixon Stephens Home Team a call today and let us show you how we can make your dreams come true and move up the home you've always imagined yourself in.