Fall may be time to list your home
Labor Day is over and soon the leaves will begin to fall, the holidays are right around the corner, you might not think that now is the best time to sell your house in Charlottesville. But with inventory below historic numbers and demand still strong, you could be missing out on a great opportunity.
Here are some reasons why you should consider selling your Charlottesville area house this fall:
1. Demand Is Still High
The latest market report from the Charlottesville Area of Realtor shows that buyer demand remains very strong throughout the Charlottesville area.. These buyers are ready, willing and able to purchase… and are in the market right now! Now is the time to take advantage of the buyer activity currently in our area
2. There Is Less Competition Now
According to CAAR’s latest report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.
This means in Charlottesville there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory will come on the market as soon as winter is over.
There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this fall.
Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream home within the existing inventory have turned to new construction to fulfill their needs.
The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
3. The Process Will Be Quicker
Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007’s pace. As the market heats up, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler.
4. There Will Never Be a Better Time to Move Up
If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.3% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.
According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.46% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.
5. It’s Time to Move On with Your Life
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.