Whether the groundhog saw his shadow or not, locally here in Greater Portland, many homeowners will wait until spring when the snow melts (oh wait…it’s all gone isn’t it) to put their home on the market which is also when everyone else will list their home for sale and there will be a resurgence of inventory that many home buyers are waiting for right now. While you may think waiting for the exterior of your home to look a little better is an advantage to selling, the fact is inventory levels will increase dramatically in the spring, creating more competition for which homes will and won’t sell. As a result, you will most likely have to compete on price to get your home sold.
Here are 5 reasons why you should seriously consider listing your home now;
1. Demand is high
The Maine Real Estate Information System (MREIS) released their statistics report a couple weeks ago for December 2012 and full year 2012 that showed an increase of 11.84% in December 2012 unit sales over December 2011, and a whopping 17.12% increase in unit sales statewide for the full year 2012 over 2011. Pure evidence that buyers are out there looking for homes to purchase and ready to act now.
2. Supply is low
With a quick search of Realtor.com or FindMaineHomesNow.com and you have probably noticed there are less homes on the market for sale in your area. National statistics also suggest the monthly supply of homes for sale are at the lowest point since May 2005. We know inventory will see a dramatic increase in the spring, thus selling your home now when demand is high and supply is low will likely deliver you a better price.
3. New Construction is baaaack!
According to statistics released by the National Association of Home Builders, more home builders are returning to the market with the construction of new homes. Previously there were not as many newly constructed homes available for home buyers to consider purchasing, yet the statistics point out that home buyers will now consider more new construction as an alternative to purchasing an existing home. By putting your home on the market now, you will be at the forefront of a buyers mind who does not want to wait for a new home to be built.
4. Interest Rates will rise
According to the Mortgage Bankers Association we are likely to see a full point increase in interest rates in 2013. As a result, the pool of home buyers able to purchase your home is likely to shrink, as an increase in interest rates decreases their purchasing power. On the flip side, if you’re selling your home and will need a mortgage to purchase your next home, the monthly payment will be greater for you with an interest rate increase, another reason to act now.
5. Transaction timelines may be shorter
An increase in transaction volume in 2012 coupled with lower interest rates and a refinance boom led to the purchase and sale of homes taking longer than 30 days in most cases. Many appraisers locally were 3 to 4 weeks out on scheduling appraisals, lenders and title companies had numerous files to get through and many buyers and sellers experienced delays. When you list your home now there will be less transactions taking place in the market and likely a better chance of a quicker more traditional 30 day window to close.
If you’re considering selling your home, please call Universal Properties at Keller Williams Realty today 207.553.1332 and visit UniversalPropertiesMaine.com