Homeowners: Now Is A Good Time To Sell Your House
Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell their houses. This is reflected when broken down by state. Only 11 states have a stable level of seller traffic compared to the remainder of the country, which came in with a weak rating.
As we can see in the following table, the number of people who moved last year is half of what the rate was in the 1980s.
This does not come as a surprise, as tenure length (the number of years someone owns a home before moving again) among existing homeowners has increased. It has risen from an average of 6 years from 1985 to 2008, up to 9.5 years over the last few years. This is shown in the graph below:
As we can see, there is a pent-up seller demand!
What led to this change in behavior? Falling prices during the housing crisis led to many homeowners having negative equity in their home, meaning they owed more on their mortgage than the home was worth. Others were able to secure a low interest rate on their mortgage and have not been quick to obtain a new mortgage with a higher rate.
Will this trend continue?
Recently NAR reported that “69% of people believe now is a good time to sell a home.”
With a strong economy, low interest rates, and wages continuing to rise, some homeowners will be ready to put their house on the market and move up to the home of their dreams!
Bottom Line
There is a great opportunity for sellers to take advantage of the current real estate market before new inventory comes to market. If you are considering selling your house or would like to know your options, let’s get together today to help you understand the possibilities available to you!
Looking to sell your home in this intense real estate market?
Looking to sell your home in this intense real estate market? Looking to sell your home in this intense real estate market? If you are, it's possible you will receive multiple offers on your home depending on its condition, location and price. Reviewing multiple...
How Smart Is It to Buy a Home Today
How Smart Is It to Buy a Home Today?Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into...
What Are the Benefits of a 20% Down Payment?
What Are the Benefits of a 20% Down Payment? If you’re thinking of buying a home this year, you may be wondering how much money you need to come up with for your down payment. Many people may think it’s 20% of the loan to secure a mortgage. While there are plenty of...
Are There Going to Be More Homes to Buy This Year?
Are There Going to Be More Homes to Buy This Year?If you’re looking for a home to purchase right now and having trouble finding one, you’re not alone. At a time like this when there are so few houses for sale, it’s normal to wonder if you’ll actually find one to buy....
Question ? How Much Leverage Do Today’s House Sellers Have?
How Much Leverage Do Today’s House Sellers Have? The housing market has been scorching hot over the last twelve months. Buyers and their high demand have far outnumbered sellers and a short supply of houses. According to the latest Existing Home Sales Report from...
Where Have All the Houses Gone?
Where Have All the Houses Gone?In today’s housing market, it seems harder than ever to find a home to buy. Before the health crisis hit us a year ago, there was already a shortage of homes for sale. When many homeowners delayed their plans to sell at the same time...
Homeowners Today Have Tremendous Equity
You may have more home equity today than you realize. Let's connect to plan how you can leverage that equity in your next move.
3 Ways Home Equity Can Have a Major Impact on Your Life
3 Ways Home Equity Can Have a Major Impact on Your Life There have been a lot of headlines reporting on how homeowner equity (the difference between the current market value of your home and the amount you owe on your mortgage) has dramatically increased over the past...
Why It’s Easy to Fall in Love with Homeownership
Why It’s Easy to Fall in Love with Homeownership Some Highlights Homeownership provides comfort, stability, and security, and it makes you feel more connected to your community. Your home is something to be proud of and is uniquely yours, so you can customize it to...