Many people now realize that it is a great time to buy a home here in Metro Detroit. I would like to look at why it might be an opportune time to sell your house. Here are the Top Five Reasons I believe now may be a perfect time to put your house on the market here in the Metro Detroit Real Estate Market.
1.) DEMAND IS VERY HIGH
The Multiple Listing Database, Realcomp, showed a 7.1 percent increase in sales in September over 2012; sales have remained above year-ago levels for over the past 18 months. There are buyers out there right now and they are serious about purchasing.
2.) SUPPLY IS CONTINUING TO DECREASE
Total housing inventory last month in Metro Detroit declined 13.4% from 26,023 to 22,535 homes for sale. This represents a 3.6 month supply at the current sales pace, compared with 4.5 months in 2012. Many expect inventory to continue to rise as more homeowners are escaping the shackles of negative equity and enter into positive equity over the next 12 months. Selling now while demand is high and before supply increases may garner you your best price.
3.) NEW CONSTRUCTION IS COMING BACK
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.
4.) INTEREST RATES ARE RISING
According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year mortgage have shot up to 4.57%, which represents a jump of more than a full point since the beginning of the year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will continue to climb.
Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
5.) IT’S TIME TO MOVE ON WITH YOUR LIFE
Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?
You already know the answers to the questions I just asked. You have the power to take back control of your situation by putting your house on the market today. The time may have come for you and your family to move on and start living the life you desire. That is what is truly important. Feel free to contact me at Jeff@JeffDuneske.com or visit http://www.OneDaySold.com