Homeowners shouldn’t wait till Spring or “Buying Season” to list.
Supply Is Low
The monthly supply of houses is near its lowest point since May of 2005. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price.
Demand Is High
Homes are currently selling at a rate not seen since 2007. The most recent Existing Home Sales Report by the National Association of Realtors showed that annual sales in 2012 increased 9.2% over 2011.
Timelines Will Be Shorter
During the warmer months and more sales the process is slowed by inspections, last minute appraisals and banks needing just one more thing before issuing a commitment on the mortgage. There are fewer transactions this time of year. This means that every part of the home buying process will be easier and faster.
New Construction Is Coming Back
Construction took a bit of a hit the last few years and wasn’t much when it came to competition. As the market is coming back, so are more builders; causing competition as these new homes are an attractive alternative to many buyers.
Household formation is growing again for the first time in years. Rental occupancy is nearing all time highs. Those that fell on hard times a few years ago have straightened out their credit and are ready to purchase.
Interest Rates Are Projected to Slowly Increase
The Mortgage Bankers Association has predicted that, after reaching record lows in 2012, mortgage rates will sneak up slowly in 2013 to 4.4%. Rates have already increased by 2/10 of a point (3.32 to 3.53) in the last two months.