5 Reasons to Sell Today

5 Reasons to Sell TodayThis year, whether due to weather, economics, or a combination of the two, the spring market started later than is typical. Many home buyers are in the thick of their house hunt. Some home sellers are unsure if the time is right to sell, thinking that maybe they should wait until fall, or maybe wait another year to see where the market is headed (though waiting is most often costly.)

There are some great reasons that sellers should seek to list their home in the market as it is now.  Here are 5 great reasons, courtesy of the KCM blog.

1. Demand is exceptionally strong

Prospective home buyers are particularly ready to get out on the market, as many of them put off their house hunt after the extreme winter weather we experienced this year.  According to the National Association of Realtors (NAR), the number of buyers present in the market fell in December, January, and February, and respectively, there has been an upsurge in buyers in these past few months.  Buyers with high desire to buy lend to quick transactions that lend well to your asking price and timeline.

2. Competition will be less now than down the road

Supply is currently under the 6 months' supply mark, meaning in most markets (including Chicago) there are more buyers than there are homes. This bodes well for sellers, as less competition lends well to buyers meeting your asking price.

However, an upsurge in inventory is expected later this year, as a return to positive equity continues - allowing many homeowners the ability to sell. Additionally, new construction of single-family homes is beginning its increase as well, which does not lend favorably to selling an older home.  In other words, options are going to start increasing as the year progresses, putting your own property up against more competition.

3. The process will be quicker

From contract to closing, a lot of paperwork is involved in the sale of your home in order for the bank to approve of the transaction and mortgage. As the market heats up, especially in the fall, when school starts again, it will take longer for banks to complete loan inquiries, and your timeline will stretch farther and farther as you wait for approval.  Selling now, while the market is less hectic, will greatly aid your process.

4. Now is the best time to "move up" to a better home

Waiting to move up, even just a year, will almost certainly lose you money as recent figures show. While you wait for your current home to gain value over time (lets say, 4%), your dream home is also gaining a value of 4%, putting it even father out of reach than it is now.  Additionally, mortgage interest rates are projected to continue rising well into next year - these payments can make or break a transaction on your new home.

It is best, therefore, to take advantage of the exceptional market that exists right now, as you will save more raw dollars (both in down payment and in mortgage payment).

5. It's time for a new chapter.

You've been thinking about selling for a reason.  Whether you're wanting to move up to provide a better environment for your family, to be closer to work, or simply because you need a fresh start, ask yourself if money is more important than the quality of your life at home.  The answer is up to you - and you have the power to take a proactive, educated approach to your home sale by putting your home on the market at the right time.

Looking for help listing your home in the Chicagoland area? Please send us an email or give us a call - we'll be happy to help you with your process!

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