As we prepare for the winter months ahead, many home sellers consider
taking their home off the market. Don't do it! In the same vein, if you're
debating whether to wait until spring to put your home on the market, don't
wait.
Buyers shouldn't wait either. If you are interested in purchasing a home
and currently sitting on the fence, you may just lose the opportunity to own
your dream home, or pay a great deal more for it.
For the first time in a very long time, industry experts and watchers
have been very consistent about the status of the real estate market and they
all agree; activity is increasing and prices are rising. There is substantial
data that reflects their opinions.
According to the National
Association of Realtors® (NAR), pending
home sales are the highest they have been since March 2007. On a year-over-year
basis, pending home sales have risen for 18 consecutive months. Prices are
rising, as well. According to the S&P/Case-Shiller
Home Price Indices, home prices rose over sixth straight months. As
reported in Bloomberg,
property values in 20 cities climbed 3% from September 2011.
Consumer confidence in the economy and an improving job market are
certainly important factors. Additionally, the steady increase in rental costs
and incredibly low mortgage rates are driving more and more buyers into the
market, creating fierce competition. There is also an incredible lack of
inventory. With fewer homes to choose from, buyers are suddenly finding
themselves in bidding wars that are essentially driving up the prices.
For sellers, the message is very clear. Put or keep your home on the
market, regardless of the winter season, and ensure that the property is in
excellent showing condition. With increasing prices, move-up buyers may
suddenly find there is enough equity to make a move. Essentially, it is an excellent
time to sell a home.
If you are in the market to buy, you will need to come prepared with
financing and be ready to make a quick purchase decision and a reasonable
offer. Ensure that you are more prepared than your competition, placing
yourself in a better position to obtain your dream home.
If you want to gauge whether or not the time is right for you to make
your move, call me today to personally assist you throughout the entire home
listing, selling and purchasing process!
