Deciding when to sell your home can be a difficult decision. It’s important to not only know the value of your home, but the market trends that are in your area. If you have been debating selling your house, here are some things that you need to consider to see if now is the right time to make a move.
Low Inventory: Active listings on the market are down 15% compared to this time last year (The Cromford Report). This means that as a seller there is currently less competition on the market than usual. This low inventory also means that there are not currently enough homes on the market to satisfy the number of buyers looking to purchase. This can equate to a faster sale, higher purchase prices, and multiple offer situations.
Many Ready, Willing, and Able Buyers: Right now there is a flood of interested buyers that are pre qualified and ready to make a purchase! There are many reasons for this increase in buyers. Just a few are that the millennial generation is finally entering the market, people are becoming frustrated with high rents that continue to increase, and the first wave of people who experience hardship with foreclosure and short sales are able to purchase again this year.
Property Values Are Up: The average sales price per square foot across the Phoenix Metro Area is up 5.4% compared to this time last year (The Cromford Report). If you would like to see how your specific city has appreciated check out my August Market Update that goes over average appreciation, average days on market, and listing success rates by city.
Low Interest Rates that Could be on the Rise: Right now interest rates are still in the low 4s with good credit. While there’s no way to know the future for sure, many experts are predicting that they could be in the 5s by the years end. This could have two positive effect for sellers. One is that with low interest rates there are more potential buyers on the market. And two is that if you are planning to sell and then buy immediately, you too can also take advantage of the low interest rates before they rise.
If you are interested in finding out if now is the right time for you to sell, I’m happy to set up a no strings attached appointment so that we can go over your home’s value, your local market conditions.