I know a friend in another state who wants to sell her home. And, whether a blessing or a curse, she has the luxury of taking her time.
In other words, she doesn’t need to relocate for a new job, she’s not getting a divorce and she’s not waiting for settlement on another home.
So, suffering from ‘analysis paralysis,’ she drags her feet. She also burns up her smartphone calling me for news on what the market is doing.
She’s waiting for that perfect time. You know the one – when home prices are the highest they’ll get.
Sound familiar? If so, keep in mind these famous words from a not-so-famous real estate agent (me):
“Trying to time the real estate market is crazy.”
By the time you learn that home prices have maxed out, it will be too late – they’ll be on the downhill slide.
But, if you insist on trying to time the sale of your home to the optimal time, here’s more advice – this time it comes from just about every real estate agent with a heartbeat:
“Now is the best time to sell your home!”
Yeah, I cringe when I read that too. But, right now, the advice actually has merit. And, here are 3 reasons why.
The inventory of available homes is scary-low
In fact, one of the major online real estate portals finds that in 2019’s second quarter, the nationwide inventory of available homes fell somewhat.
The biggest drop was in first homebuyer homes but move-up homes are also experiencing a dearth of listings.
What does this mean for you as a homeowner thinking of selling? If the inventory remains suppressed as we head into the winter home buying season, and demand remains high, you’ll be very happy with your home’s current market value.
Home prices are reasonably High
Listing prices have remained steady with small gains in South Australia compared to the rest of Australia.
The data also suggests that homes are selling nearly 10 percent quicker than they did last year at this time, despite the price.
The shrinking inventory is expected to continue to lift prices throughout this homebuying season.
Consider this: list your home soon and you’ll be in the driver’s seat, not only because you’ll get more for your home now than if you wait, but you will also have the luxury of dictating the terms of the purchase agreement.
Need to wait to close until the purchase of the new home is finalized? You’ll find a buyer willing to accommodate you. If you wait until the market changes to a buyers’ market (which it can do), you lose this advantage.
Interest rates are super Low
A recent study by a large real estate corporation shows that only 6 percent of potential homebuyers will cancel their plans to buy a home if interest rates rise above 5 percent and 21 percent say that the increase would cause them to speed up their plans to purchase.
The more alarming statistic, however, is the 27 percent who say that an increase that high will cause them to slow down their search.
Whilst it appears rates will stay low for some time is really GREAT news.
Buyers are keen to buy because of the limited stock available.
With interest rates expected to stay low for the foreseeable future means you can sell your current home AND upgrade AND pay off your home loan sooner by adding extra dollars to the monthly repayment that you should be paying with a higher interest rate.
Realistically you could buy a better home and pay around the same monthly payment as you do now.
If you are planning on selling your home this year, DO IT NOW before the market turns against you.
We’re happy to offer you a free evaluation of your home’s current market value. Call 08 83961100 today.
Got questions, comments or feedback? Email [email protected]
To find out more, you’re welcome to call 08 83961100 to arrange a chat with people that care.
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Like most things in life, these are recommendations only. It is not legal advice, it may or may not suit your own circumstances and you may need to make your own additional enquiries.
Regards Eriks & Team Plaza Real Estate
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