Beat the competition and consider selling your Delaware home now.
January is the start of Spring listings for REALTORS® even though March 20 is when the calendar says Spring officially arrives. After the slow down of available houses during the winter months, Delaware home sellers are ready to get their home on the market and buyers are equally eager to see what’s been newly listed.
While the serious buyers are searching year-round, the competition to buy increases as the warmer months approach and builds steady momentum through September. September will show a bit of a decline with more decrease happening in October and even more in November and December. Now, is the right time to sell your home. Now, is when buyers are contacting real estate agents and when they are actively searching online listings.
Listing Your Home for Sale this Winter Makes Sense
- Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home. We highlighted the increased demand for homes by women in our blog post, Delaware Experiences Continued Uptick to Homeownership by Single Women.
Take advantage of the buyer activity currently in the market.
- There Is Less Competition Now
Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. 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 has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell. Our video How Do I Find All Homes For Sale In Delaware? is a great resource to help you find your next home.
- The Process Will Be Quicker
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. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 46 days. For additional information about financing watch our video, Is A Cash Offer Better Than An Offer With Financing?
- There Will Never Be a Better Time to Move Up
If your next move will be into a premium or 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. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!
Prices are projected to appreciate by 4.8% over the next year according to CoreLogic. 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.
- 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?
Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire. For numerous people this time to move shifts as they look at living in age-targeted communities. This topic was discussed in our blog post, Age-Targeted Community Living Works for the Active Adult Lifestyle.
That is what is truly important.