5 Reasons why you should consider listing your home right now 2016
I know the misconception in the real estate market is to take your home off the market during the winter months. We find that more serious buyers continue to look at this time. With inventory low and this year’s weather being so mild, it’s so much easier to view and inspect your property. The home buyers are out there looking at any inventory that’s available. You have a much better chance of getting your price now than in the spring when competition heats up and everyone else puts their home on the market.
First time home buyers
First time home buyers are moving out of their apartments. High rent prices are driving new buyers into the market place. Rental prices are on the increase and show no signs of slowing down. Many of our buyer clients complain that they are throwing money out the window by renting. They would like to put roots down and start building equity. Rising rental prices could motivate tenants to make the leap into home ownership. Rent prices locally have risen 15% in the past five years and income growth hasn’t kept up. Every time there is an increase, it triggers the decision process on whether renters should go into the market and buy.
Low housing Supply
Currently there is very little good inventory. Make your property one of the homes that stand out with little to no competition. Your home has a very good chance of selling for market value right now. Most of our current inventory is dated, tired or in need of many repairs. There are also plenty of homes that are still overpriced. As we turn the corner in the real estate marketplace with values stabilizing, homeowners are finding that they are at a financial comfort level and can now sell.
Low interest rates
Whether you believe that mortgage rates are going up soon or not, many would-be buyers are concerned that they will lose buying power if they wait too long. It helps sellers when buyers can afford a larger home due to low mortgage rates. There’s the other side of this coin as well. If you sell now with the plan to buy right away, you’re getting the same low interest rate advantage. The money you take away from your sale, though possibly somewhat lower than if you wait a while, will go farther in financing another home.
Cash investors
With volatility in the stock market, many investors are looking for properties that will provide income. Your home or condo may be just right if the numbers work. Cash buyers are nice to work with as there is no mortgage financing to worry about. We worked with many investors and there are a lot of great opportunities.
Holding Costs
Don’t forget holding costs: Does your home need a new roof or major work? Waiting a year to get a 1 percent or 2 percent bump in selling price can be a mistake if your costs exceed that amount. If there is a real estate property tax increase, that’s extra holding cost. Air conditioning, heating, plumbing and electrical problems can jump up unexpectedly. Consider your normal repair and maintenance costs in relation to an unknown bump in price if you wait a year or more.
Contact Bondi Realty today for your free market analysis. We are Norwalk’s #1 Real Estate Firm. Local is best!!
Betty Bondi
Bondi Realty Group LLC
203-899-9990