According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. Putting your home on the market now instead of waiting for the increased competition of the spring might make a lot of sense.
Buyers in the market during the winter months are truly motivated purchasers. They want to buy NOW. With limited inventory available in most markets currently, a seller will be in a great position to negotiate.
Another Reason Why You Should Sell NOW!!
The Increasing Mortgage Rates:
Many experts are warning that there will be a drop in real estate values because mortgage rates are beginning to increase. The logic makes sense. However, history shows that increasing rates have not negatively impacted home values in the past.
Four times over the last 30 years mortgage interest rates have dramatically increased. Here is the impact the increases had on home values at the time:
Dates |
Mortgage Rate |
Home Values |
| May ‘83 - July ‘84 |
12.63 – 14.67
|
+ 6.6%
|
| March - Oct ‘87 |
9.04 – 11.26
|
+ 5.2%
|
| Oct ’93 - Dec ‘94 |
6.83 – 9.2
|
+ 1.2%
|
| April ’99 -May 2000 |
6.92 – 8.52
|
+ 10.9%
|
Perhaps the impact of increasing rates on future home prices won’t be as dramatic as some are predicting?
Either Way, without the competition of the multitudes of listings, now is a great time to list your home. Don't wait until Spring!!
