Top 5 Reasons Why Selling Your Home This Fall Makes Sense
1. Demand is still very strong
The most recent Buyer Traffic Report published the the National Association of Realtors (NAR) indicates that buyer demand remains very strong throughout the majority of the US, Specifically here in Utah. There are plenty of ready, willing, and able buyers ready to write an offer. Many of the lower price ranges are still experiencing multiple offer situations on many listings. Now is a good time for sellers to take advantage of strong demand.
2. Competition Is Lower
Listing inventory levels are well below normal market conditions of six months of inventory. Utah is still hovering at around a 3.5 month supply of inventory. This means that across most price ranges, with exception of the luxury market, sellers still firmly hold the upper hand. Inventory will becoming smaller and smaller until March 2019.
Historically, homeowners have stayed in their homes for about an average of six years, but that number has increased to between 9-10 years since 2011. Many homeowners were unable to sell for many years due to being in a negative equity position. Others have simply been reluctant to sell for fear of not wanting to feel like they're overspending on their next purchase. As values continue to increase, more and more homeowners will be given the freedom and ability to move.
3. The Process Will Be Quicker
Today's competitive environment is forcing buyers to shorten their deadlines, hence reducing the seller's risk and expediting the loan process. Many buyers are even waiving there due diligence and finance contingencies in order to make their offers stand out. The average time required to process a loan is also down according to Elli Mae's latest Origination Insights Report.
4. There's Never Been A Better Time To Move Up
If a luxury home is your next move, there's never been a better time to buy an upgrade. The increase in home values in low and medium price ranges has not translated as well in the higher price ranges of the luxury market. With homes listed a $1 million and above, great deals can still be found. Sellers in the middle price range have been able to capitalize on huge increases in their homes' values while still getting a great deal on a home in the softer luxury market.
5. Sometimes, It's Simply Time To Move On
Admit it... you've been thinking that it might be time for some new digs. Whether it's financially motivated, or you can't bear the thought of all the work your home needs. You need to look at the reasons you decided to sell in the first place and figure out what is most important. A change of scene, closer to work or family, downsizing or divorce. Sometimes it's simply trying to get away from an annoying neighbor!
Call us today for a free, no-obligation home selling consultation to find out what makes most sense for YOU!