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5 Reasons You Should Sell Your House TODAY!

Selling your house in today’s market can be extremely difficult. It is for that reason that every seller should take advantage of each and every opportunity that appears. Each fall, such an opportunity presents itself. This fall, that opportunity may be just too good to pass up.

Below are five reasons you should consider when pricing your house to sell in the next 90 days. Meet with your real estate agent and mortgage professional today and see whether it is the right move for you and your family.

1. Entering this time of year, the buyers are more serious.

We all realize that buyers are not quick to pull the trigger on the purchase of a home today. There is no sense of urgency with the supply of eligible properties at all time highs. However, at this time of year, the ‘lookers’ are at the stores doing their holiday shopping. The home buyers left in the market are serious and are more apt to make a purchasing decision. Less showings – but to more motivated purchasers.

2. If you are moving up, you can save thousands.

The Chicago Tribune stated in an article last week that sellers who want to ‘trade up’ should act now:

It could be a bigger house, different neighborhood or a better school district, but it comes with a higher price tag. Do the math; this might be the right time.

A home that was once worth $300,000 may now be worth $240,000 in a market where prices have fallen 20 percent. Wow, you think, the seller is taking a bath. But that seller may also be a prospective buyer who wants a house that once was valued at $400,000. With an equivalent market drop and a realistic listing price, that house may now sell for $320,000. So, in effect, the person is losing $60,000 on the sale of one home but coming out ahead $20,000 on the purchase of another.

Keep in mind the spread may be even greater. There’s a smaller pool of potential buyers for more expensive homes, so sellers may be more willing to cut their price to get a deal done.

3. Interest rates just fell again – to 4.19%.

Professor Karl E. Case, the founder of the Case Shiller Pricing Index in an article in the New York Times last month actually did the math for us:

Four years ago, the monthly payment on a $300,000 house with 20 percent down and a mortgage rate of about 6.6 percent was $1,533. Today that $300,000 house would sell for $213,000 and a 30-year fixed-rate mortgage with 20 percent down would carry a rate of about 4.2 percent and a monthly payment of $833 … housing has perhaps never been a better bargain.

4. You beat the rush of inventory that is coming next year.

Every year there is an increase of inventory which comes to market from January through April as homeowners put their houses up for sale in preparation for the spring market. As an example, here is the number of listings available for sale in each of those months in 2010.

  • January – 3,277,000
  • February – 3,531,000
  • March – 3,626,000
  • April – 4,029,000

You won’t have to worry about this increasing competition if you sell now.

5. You have less ‘discounted’ inventory with which to compete.

This year, sellers of non-distressed properties have been given an early holiday present. With banks declaring a suspension on the sale of many distressed properties (foreclosures), there has been a large supply of discounted properties removed from competition. No one knows how long this self imposed moratorium will last. However, while it does, every homeowner has a better chance of selling their property.

Bottom Line

If you are looking to sell in the near future, there may not be a more opportune time than this fall. Serious buyers, great move-up deals and less competition from foreclosures creates the perfect selling situation. Don’t miss it!

21 replies
  1. Sandy Smith
    Sandy Smith says:

    Great reminders of succinct points to assure and impart confidence to sellers in today’s market/economy. Also, if my seller is moving up as a buyer, he will not feel “doomed” about having to face the reality of pricing his own home compellingly.

    Reply
  2. Marty Hepworth
    Marty Hepworth says:

    Good points to inform sellers. With the onset of daylight savings time the buyer who comes home from work, grabs a quick meal and runs out (in the cold night) to look at homes, It’s a pretty good bet he’s for real. Wouldn’t you agree?

    Reply
  3. Susan Ani
    Susan Ani says:

    Feeling fortunate that my buyer was able to close his REO purchase last week, after the foreclosure halt was announced. Local REO specialist attorney has explained to my office that even bank-owned properties were not going to close if the bank was GMAC, BOA, Chase. Seller bank was Wells Fargo.

    Reply
  4. Cindy Pell
    Cindy Pell says:

    Steve,
    GOD truly has blessed my buyer as we closed on a BOA short sale with a first and a second both held by them on October 8TH – at 11am! The title company was absolutely amazed that it went through. We had HUD approval on Wednesday night and this was a gift from GOD! I heard of the freeze on my way to the closing and called my client…we both entered the closing expecting for just one more thing to go wrong after having this property under contract since April! But we entered the closing room and everything went very well and we walked out feeling extremely blessed that we were actually closed. The group at Sun Title and Sun Law Group are amazing at doing these…I wouldn’t do them any other way. Check them out – in Grand Rapids, Michigan they cover the entire basis and my liability is so minimal using a Law Group to process the sale.

    Reply
  5. Mike in Indianapolis
    Mike in Indianapolis says:

    Great points and something every seller or potential seller should consider. The first point is especially true in the northern state when buyers must fight cold weather and snow to look at homes. You know these people are not tire kickers and are motivated.

    Reply
  6. Rebekah Whiteman
    Rebekah Whiteman says:

    Hey, loved your post. I agree with your point that sellers can enjoy some amazing deals considering the current market conditions. In this age of economic crisis, experts are of the opinion that selling off the home is always a better option as compared to renting it to tenants, especially for those who live in the urban areas. In the wake of the current economic crisis, many landlords in USA are deprived from enjoying enough rental income that can be used in paying off mortgage payments. Real estate experts have predicted that home prices will plummet further, as much as 25 to 60 % in the urban areas.

    Reply
  7. Danielle Dustman
    Danielle Dustman says:

    Excellent points!!!! So many sellers want to wait until the Spring market and miss out on the opportunity to sell in the Fall. The rates are so low, and the buyers are more serious at this time of year.

    Reply

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