Real Estate: 5 Reasons to Sell Your House This Fall

This week I’ve decided to share five reasons to list your home for sale in the fall. 

1. Demand Is Strong

The National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. The demand for houses priced under 2.8 million dollars in Newton remains strong. These buyers are ready, willing, and able to purchase and are in the market right now! More often than not, multiple buyers are competing to buy a home. During 2016 the bidding wars were truly insane. While we no longer have 12 people bidding on a property there are still bidding wars. Prices have increased about 10% in Newton in the past year and sellers are pricing accordingly. Take advantage of the buyer activity currently in the market.

“The demand for houses priced under 2.8 million dollars in Newton remains strong. These buyers are ready, willing, and able to purchase and are in the market right now!”

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply that is needed for a normal housing market. A price point under 2 million, there is roughly a 3-month supply which signals an appreciating market. This means that there are not enough homes to satisfy demand. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon. Historically, the average number of years a homeowner stayed in their home was six, but that number has jumped to almost nine years since 2008. There is a pent-up desire for many homeowners to move but they have few options. As home values continue to appreciate, more and more homeowners will be given the freedom to move. In Newton, we have a bit of a reverse problem, older homeowners can’t sell because of a complete lack of suitable choices. Boston is too expensive and not everyone wants city living. There are extremely limited options for single floor living in Newton. Apart from 280 Boylston Street, The Farm, Hampton Place, The Towers at Chestnut Hill, a few buildings on Hammond Pond Parkway and a few units at The Residences or The Terraces, there are no options for one-floor living or 1st-floor master bedrooms. It’s the double edge sword of development in Newton. Sellers are so reluctant to put their home on the market before they find a new house. Many homeowners can simply not afford to purchase a new home before they sell. Inventory increases in late January to early February at the start of the spring market but buyers are ready to pounce right after the holiday decorations are put away. Don’t wait until the nice spring weather to list.

3. The Process Will Be Faster

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. Some mortgages can now be closed in as little as 45 days. Because volume is down, appraisers aren’t backed up and underwriting is capable of processing much quicker.

4. There Will Never Be a Better Time to Move Up

If your next move will be a “luxury home” now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. Sellers are reluctantly starting to capitulate, consequently, if you are looking for an over 2-million-dollar property do give me a call, there are deals to be made. If you are moving from Boston or beyond or from a smaller house, there could be no better time to move up. You just need to take a leap of faith. Prices are projected to appreciate by 5.0% over the next year according to Core Logic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. Eventually, the inventory at higher price points will clear out and prices will start to appreciate again. If you are moving to a much more expensive home, there are opportunities. Again, feel free to call me anytime to discuss.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should? Is moving to a big house what you really want? Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Most importantly, perhaps the time has come for you and your family to move on and start living the life you desire.

This guest post contributed by:

Margaret Szerlip

Compass

Email:  margaret@compass.com
Mobile:  617.921.6860

Copyright © 2017 · All Rights Reserved · LiveNewton.net

Author: Margaret Szerlip

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2 Comments

  1. Great tips! One thing to add is the strength of today’s pool of buyers. With interest rates at historically low levels buyer’s purchasing power is currently at levels we haven’t seen since the 1980’s!!

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