For a lot of us, the idea of selling our home and moving go through our head from time to time. Especially when the market is good and there are enticements with low inventory and even bidding wars, which are happening on homes priced correctly.
The National Association of Realtors® is reporting that existing homes sales rose 6.1% in March of this year. This is the highest annualized increase since September of 2013. The housing supply has only risen 2%, which is creating a seller’s market.
The decision to list your home is a big one that needs careful consideration. To help you decide if it is the right time for you, here are some signs that it may be time to sell your home.
- Your home equity has returned – Since the housing decline in 2008, many homeowners were unable to sell their home due to lack of equity, which would have required them to either do a short-sale or bring cash to the closing table. With the market rebounding nicely, a lot of homeowners have seen their equity return. Corelogic reported that in the 3rd quarter of 2014, 94% of homes that sold at $200,000 or more had equity. If you are not sure of what your home is worth, please contact us and we would be happy to do a free home valuation for you.
- Life changing events – Life changing events are a huge reason for many people to consider selling their home. Your family may be growing or shrinking, a new job, divorce, etc. are all very common reasons to consider listing your home.
- Prices in your neighborhood are soaring – Home prices are increasing in most areas at a healthy rate, however you may be located in the middle of a soaring market. If you are seeing homes selling quickly and/or above asking price, now may be the right time to consider selling.
- Your home is no longer large enough – Needing a larger home is one of the biggest reasons we see families decide to move. From having more children, an in-law move in or the need for a home office are all reasons that often lead people to make the leap and sell their home.
Whether you are looking to buy or sell or even both, please contact us. We look forward to hearing from you!
Andrew Gifford, Lic. Real Estate Broker
Gifford Properties & Management, Inc.