It’s official—the groundhog has seen its shadow, which means six more weeks of winter! During these long, cold months, some may be skeptical about beginning the home search process or putting a house on the market.
Gearing up for the season and getting involved in the market now, though, actually has many benefits. If you are thinking of selling, taking action now, before the spring, isn’t a bad idea. Here are five reasons to dismiss any hesitations, and sell your home today.
Everyone knows a big time to buy is during the spring. According to the National Association of Realtors (NAR), in just this past year, 1,880,000 homes were on the market in January, spiking to 2,350,000 by July. While selling your home in this active spring market may initially seem like the most logical and familiar approach, competition is also at its height. Why not get a head start and put your house on the market now? The KCM Crew agrees that it will make your residence stand out, and cater to those prospective homeowners using the current economic state and rising real estate forecast to their home searching advantage.
Low Mortgage Rates:
With mortgage rates at an all-time historic low, chief economist at Realtor.com®, Jonathan Smoke, suggests that home buyers will move fast if they want to spend less. Realtor Magazine highlights the fact that the Federal Reserve has continually warned the financial markets that its target federal funds rate will increase by the end of this year, which will then result in increased mortgage rates. With historically low mortgage rates still currently standing, however, homebuyers and sellers are encouraged to take full advantage and act now.
Any interested buyers who are willing to start searching for the perfect home in the dead of winter mean business. There is no back-and-forth or second guessing with these individuals eager to find their future home and purchase it…now. Buyers are hopeful and great opportunities are bouncing off each bold, snow-covered “for sale” sign out there. Buyer activity and demand, according to the KCM Crew, is genuine and focused during this less-active time of year.
Millennials are Starting to Buy:
Rising rents are driving young individuals in their late 20s and early 30s out of their apartments and condos and into homes. With this recent surge in millennial home ownership comes an increase in potential buyers for 2015, creating yet another reason to sell now. Realtor Magazine once again shares Realtor.com® chief economist Jonathan Smoke’s professional opinion, stating that sellers of affordable homes should consider smaller down payments upon purchase to attract and target future millennial sales.
A Positive Future Forecast:
According to recent reports and expert real estate predictions, the housing market is expected to gain strength with the steadily improving economy. RISMedia suggests that 2015 marks the year of the housing recovery, where a recent rise in home prices relieves numerous homeowners of negative equity, ultimately creating a domino effect. There are now countless opportunities to move-up, which then forges a healthy demand in other areas of the market. As mid-tier homeowners move to more luxurious homes, entry-tier can then progress to middle grounds, leaving the perfect opening for first-time homebuyers. With a future forecast like this, why wait? The prospects are high and the setbacks low—so, as the saying goes, get going while the going’s good and sell your home today.