Are you “thinking about” selling your home? Are you waiting for a sign that the time is right? Well, to quote Bill Engvall, here’s your sign! Actually, here are 5 signs why you should get your home on the market NOW!
First Sign: Interest rates are going up! I talked about this in a previous post a couple of days ago. What does that mean for you, the seller? It means that potential buyers now have higher costs to purchase a home and that these costs may impact their ability to qualify for a mortgage. This could also get some buyers off the fence–that’s a good thing for now, but if rates keep going up, you may see fewer qualified buyers, which will have a negative impact on home prices.
Sign #2: The home you want to buy is cheaper now than it will be later! When you get your current home sold, then you’ll be the buyer–see sign #1!! Your cost to buy will go up, even if prices come down a little, and that will affect what you’re able to buy as well!
Third Sign: The “season” has already started! We’ve always thought of the “spring season” as the time when more homes come on the market and more buyers are out looking. Buyers are out there NOW! Many of my real estate colleagues have had their busiest January and February ever, and it shows no sign of letting up. Don’t you want to have your home on the market while buyers are actively searching?
#4: Inventory will increase when spring comes! See #3–most folks are still waiting for the “spring season”. When it comes, they’ll put their houses on the market and your competition will increase dramatically!
Sign #5: We’re not out of the foreclosure woods just yet! San Antonio has not seen the huge numbers that other markets have had with foreclosures, but we have had our share, and there are more coming. It’s hard to compete with a home that’s similar to yours in size, age, style, location, etc. when the competition is priced at loan value and yours is priced at market value ! And, foreclosure listings in your neighborhood or nearby cause a downward pressure on sellers like you when pricing your home. Best to get in the game and sell your home before more of these properties show up to compete with you!
We’ve been and continue to be lucky here in San Antonio. Our market is stable and steady, job growth is good, and the outlook is generally positive. But we still are affected by national trends such as rising interest rates, tighter credit, stricter loan qualifications, etc. No one can say for sure what’s going to happen with these trends or what else may come along that will affect housing. If you’ve been “thinking about” selling your home, or waiting for the “right time”, then your waiting and thinking may be over. Everyone’s particular situation is different, so why not sit down with a real estate professional and let him or her help you decide what’s best for you and your family?
After all the crazy weather we’ve had the last couple of weeks, it almost feels like spring outside right now! Call me and let’s sell your home!