The road to recovery will continue through 2014. The chief economist for the National Association of Realtors (NAR) predicts home prices to increase an additional 6% next year. As a result, many now realize that it is a great time to buy a home before prices spike and a great opportunity to sell before inventory drastically increases. The following are 5 reasons to place your home on the market early in 2014.
1. Demand is High
The most recent Existing Home Sales Reports by the NAR show a double digit increase in sales year-over-year; home sales have remained above last year's levels for over 25 months now. There are buyers out there now that are serious about purchasing.
2. Supply Is Beginning to Increase
Total housing inventory has been gradually rising locally in Tracy up to a 1.9 month supply compared to a 0.9 supply back in April. Nationally, many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months. Selling now while demand is high and before supply starts to increase may obtain you your best price for your home.
3. New Construction Is Coming Back
Over the last several years, most homeowners selling their home did not have to compete with new construction projects around the block. As the market continues to recover, more and more builders are jumping back in to the market. These "Brand New" homes will again become competition as they are an attractive alternative for many buyers.
4. Interest Rates Will Again Rise
Although Freddie Mac's Primary Mortgage Market Survey shows that interst rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are all predicting that rates will be up almost a full percentage point by this time next year. Whether you are moving up or moving down, your housing expense a year from now when you purchase your next home.
5. It's Time Move On with Your Life
Look at the reason you are thinking about selling and decide whether it's worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the luxury and freedom to go on with your life the way you think you should? The answers to this are evident. You have the power to take back control of your situation by putting YOUR house on the market today. The time may be right for you and your family to start living the life you desire. That is what is most important.
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