So you don’t think winter is the time to sell your house? Here are a few reasons why you should reconsider.
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.
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.
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.
We’ve seen this the last few weeks here on Cape. A home that we priced right in Sandwich was on the market for less than three weeks. At the same time, buyers that we’ve been working with put in offers on several homes before being successful.
The holidays can be a challenging time of year to think about putting your house on the market. But with demand strong and inventory low, it’s worth a conversation. Next week is a great time to meet as chances are good that those involved in the decision making process will all be home. We’d be happy to discuss your options with you. You can reach us at 508-360-5664 or contact us via the comment section.
Our kitchen renovation continues. For an update, watch our latest social media posts.
Questions remain about what’s next for mortgage rates. Check out The Markets in a Minute from our partners at Residential Mortgage Services for more information.
We won’t be posting next week, but want to take the opportunity to wish you a happy and safe holiday week. We continue to be grateful that when you decide to “make your move with Mari” you’re trusting us to assist you with one of the most important personal and financial decisions you make as an individual or a family.