What are you waiting for?! Are you curious as to what the future holds for the housing market? Take a lot at the data and predictions of the future. And if you’re still wondering if you’re ready to sell… Here’s why NOW is the time!
Chicago got hit by quite the extreme and rememberable winter. Those who were looking to purchase experienced a huge setback due to the crazy conditions! Good thing that the sun is shining now! According to the National Association of Realtors (NAR), the number of home buyers has began to increase these past few months after a sharp decrease in buyers in the winter months. Put your home on the market and watch it get snagged up in no time!
There is Less Competition at the Moment…but it’s on its Way!
The housing market is about to get very competitive. Beat the competition by selling your home today. Right now, there are fewer homes being sold than the number of people looking to purchase. With inventory levels at a low, your home’s price will benefit most. However, according to a recent study done by Harris Poll, 41% of buyers prefer to buy a new home whereas 21% prefer to buy an existing home (while 38% had no preference). This is an indication that new construction is on the rise. The rise of new construction will pose as a threat to the market, which is another reason that NOW is the time to sell!
Avoid the Chaos
As the market gets hotter, the bank will be bombarded with more and more loan inquiries for homebuyers. The time from contract to closing will increase due to the heap of paperwork banks require before approval of a mortgage. Sell now before it gets longer for a buyer to close on your home!
Let the Numbers Speak for Themselves. There is No Better Time.
Now is the time to sell then upgrade to that dream home you’ve always wanted. From now until 2018, prices are predicted to appreciate by over 19%. What does that mean? It means that there will be almost a 20% increase in value of your property in less than 4 years. Sell, buy, then sell AGAIN! If your property increases as predicted, the investment will be worth it when you are ready to buy the next home of your dreams. The interest rate to lock in your 30-year housing expense that is currently in the lower 4th percentile is predicted to be over 5% in a year from now.
The market is predicting that there is no better time to sell. If you are contemplating selling your home, don’t wait. Don’t wait until you face more competition or until demand lessens. Don’t hesitate. Sell and invest in that new home you have always dreamt of. NOW is the time!