Sell Your Home Now
Selling your Twin Cities Minnesota Home
6 Reasons to Sell Your Home Now
The last several years have been tough for some families who wanted to sell and move to a bigger home. Often they found they owed more on their property than it would bring on the current market. Perhaps they did not see themselves "underwater" but needed more equity to finance that purchase.
There are empty nesters who no longer want the responsibility or expense that comes with the 4 or 5 bedroom property and are ready to downsize to a smaller house, a townhouse, or even that trendy chic loft downtown they have always wanted.
Are you a potential seller waiting for the right time to list your house for sale? Let's look at current market conditions because now may be the time to make a move!
1. Current inventories of properties for sale are low
Inventory levels of houses for sale continue to remain low. The Market Activity Report published by the Minnesota Area Association of Realtors for March reported that new listings had increased 5.5%, inventory decreased 4.1% and month's supply of inventory decreased 6.1%
2. Low inventory levels lead to increased values
It's all about that beautiful law of supply and demand, folks! In the same Market report, although inventory was down, the median sale price for the same period increased 7.6%.
3. Low inventories mean a faster sale
And from that same report, days on the market decreased 12% while, as a bonus, the percentage of original list price received was 95%.
4. Interest rates are still low
Although interest rates are still at record lows, the prediction is that as the year progresses, they will become higher. The National Association of Realtors predicts rates may top out at 5.4% by the last quarter. The fear of rising rates creates a sense of urgency with buyers, inspiring them to buy now rather than risk not being able to afford to buy later.
Additionally, if you are planning to sell your home to buy another, lower rates will benefit you on the buyer side of the transaction.
5. Foreclosures are at a six-year low
According to Wall Street Cheat Sheet, Minnesota is the 7th healthiest foreclosure market, with a foreclosure inventory of 7%. Okay, great – so what? Lots of foreclosure properties on the market bring down real estate values, so a low percent of foreclosed property inventory in Minnesota will allow matters to continue to rise and the housing market to stabilize.
6. If you are a seller, the scales are tipping in your favor.
The seller's market that began last year continues into the early part of this year but may not continue throughout 2017. Many market analysts predict that rising interest rates coupled with increased inventories may turn the market in favor of buyers later this year.
Property values stabilize, interest rates are still historically low, economic growth and new job creation continue, and consumer confidence rise. Buyers are out there, but they need homes to buy, and the time to sell is now!