SHANNON VINNICK
Sales Associate/REALTOR®
Realty Executives Oceanside
The Buyer Traffic Report from the National Association of Realtors (NAR) shows that
buyer demand remains very 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 the same home.
Take advantage of the buyer activity currently in the market.
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 his or her home was six, but that number 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.
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 average
time it took to close a loan was 44 days.
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 5.1% 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.
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.
That is what is truly important!!!
