A positive forecast for the housing market in the second half of 2017 does not mean that it might not be a good time to sell right now. Here are some things you should think about if you want to know if now is the right time.
1. Your Arizona House Will Likely Sell Quickly
According to the latest results from the National Association of Realtors (NAR) Home Sales Confidence Index, homes are taking an average of just 17 days to sell.
The number of days on market is a good indicator of competition. If homes are moving quickly, that usually means there is high interest in buying on the part of potential buyers, which makes it easier for you as the seller.
2. Home Buyers Are Willing To Compete for Your AZ House
We are seeing a lot of action in the housing market, with homes being sold very quickly and receiving multiple offers. NAR data suggests that the average offer has five competitive bidders.
Several offers means that buyers are ready and willing to enter bidding wars for your home. You can then choose which offer makes the most sense for you and also is good for your financial situation
3. When Supply Is Low, Your Arizona House Is in the Spotlight
According to NAR, the inventory of homes for sale has been gradually increasing and there are few choices for potential buyers. This puts pressure on those who are trying to buy a home during this time.
There is some encouraging news though. For one, there are signs that more homes are coming to market.
If you want to take advantage of high buyer demand and get the most attention for your home, selling now before more homes come on the market might be a good idea.
4. If You’re Thinking of Moving Up in Arizona, Now May Be the Time
Homeowners have benefitted from significant equity gains over the past 12 months. They have also been spending more time in their homes and many have decided to invest to improve the experience, such as upgrading the kitchen - which can add up value too.
If you're not satisfied with your current home, you can leverage that equity to make a move. Plus, because of low mortgage rates, you'll be able to maximize your purchasing power.
Interest rates have been historically low for a while and they are expected to be that way in the short-term as well. However, a number of experts have predicted that they will soon increase.
As interest rates rise, buying becomes more expensive for buyers. It's a great time to sell and take advantage of the current market conditions if you're looking to move up!
With supply challenges and low mortgage rates, sellers are well-positioned right now. If you're thinking about selling, please call me to find out more.