Why Sell Your Home Before Winter? 5 Reasons
If you are considering a move, you may be thinking about what your life will look like next year and wonder if you should sell your home before winter. It happens every Fall. People ponder whether they should relocate to a different part of the country to find better year round weather or perhaps move across the state for better job opportunities. Homeowners in this situation must consider whether they should sell their house now or wait. If you are one of these potential sellers, here are five important reasons to do it now versus the dead of winter…or even next spring.
1. Demand is Strong
Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last twelve months which includes the latest spring buyers’ market. These buyers are ready, willing and able to buy…and are in the market right now!
As we get later into the year, many people have other things (weather, holidays, etc.) that distract them from searching for a home. Take advantage of the buyer activity currently in the Overland Park real estate market.
2. There Is Less Competition Now
Housing supply is still under the historical number of 6 months’ supply. This means that, in our local market, 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 is about to come to market.
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 in the near future.
Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).
The choices buyers have will continue to increase over the next few months. Don’t wait until all this other inventory of homes comes to market before you sell.
3. The Process Will Be Quicker
One of the biggest challenges of the 2015 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. Any delay in the process is always prolonged during the winter holiday season. Getting your house sold and closed before those delays begin will lend itself to a smoother transaction. However, with the new CFPB rules in effect, there will be no more 30 day closings so the sooner you sell over the holiday season, the better.
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 over 19% from now to 2018. 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. You can also lock-in your 30 year housing expense with an interest rate in the low 4’s right now. Rates are projected to be over 5% by this time next year. Check out the Fall Parade of Homes going on right now and call me afterwards for a consultation.
5. Is it 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 back 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. That is what is truly important.
Last year, my sellers, Jerry and Gayle were going to wait until after the first of the year to sell their home. Jerry was laid off from his job and they decided to sell. They put their home on the market in November, sold it the first day, bought a house in Texas and were in before Christmas.
If you are on the fence about whether or not you should sell your home before winter, you might reconsider and call me direct at (913) 515-3250 or contact me here for a private home selling consultation. I’ll help you discover if this is a good time for you to sell your home in Overland Park or surrounding areas.