Selling your house in todays market can be challenging. It is for that reason that every seller should take advantage of each opportunity that presents itself. This fall is an opportunity that may be just too good to pass up. Below are reasons why you should consider when pricing your house to sell in the next 90 days.
1. If you are moving up, you can save thousands. A home that was once worth $300,000 may now be worth $240,000 in a market where prices have fallen 20 percent. You might 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.
2. Entering this time of year, the buyers are more serious. Most realize 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 more motivated purchasers.
3. Interest rates are below 5%. 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. You wont 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, 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.
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. Dont miss it!!
All The Best,