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!
Trusted Professionals Make Homebuying Easier
How Trusted Professionals Make Homebuying Easier to Understand In the spring, many excited buyers get ready to enter the housing market. Others continue dreaming about the homes they’d like to buy. The truth is, many potential buyers continue to dream longer than they...
The Overlooked Financial Advantages of Homeownership
The Overlooked Financial Advantages of Homeownership There are many clear financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. If you’re a renter, it’s never too early to make a plan for how homeownership can...
Why the Electoral College Is So Important
Why The Electoral College Is So Important?
Reasons to Fall in Love with Homeownership
Reasons to Fall in Love with Homeownership Some Highlights: There are many benefits to love about homeownership, and they’re not all financial. Being a part of a neighborhood, driving academic achievement, and improving mental health are just a few of these...
Home Prices Are on the Rise This Year and to 2024
Home prices are appreciating, and they're forecasted to continue doing so through the next few years. Let's connect to see if now is a great time to make your next move.
How the Housing Market Benefits with Uncertainty in the World
How the Housing Market Benefits with Uncertainty in the World It’s hard to listen to today’s news without hearing about the uncertainty surrounding global markets, the spread of the coronavirus, and tensions in the Middle East, just to name a few. These concerns have...
The #1 Reason to List Your House Right Now
The #1 Reason to List Your House Right Now The success of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that...
Underwater with Two Mortgages? Here are 5 Ways to Refinance
Underwater with Two Mortgages? Here are 5 Ways to Refinance Having a second mortgage or home equity line can make refinancing an underwater mortgage nearly impossible, but one of these five strategies might bail out your refinance. The mortgage market is awash in...
Homeownership Rate on the Rise to a 6-Year High
Homeownership Rate on the Rise to a 6-Year High Regardless of the lack of inventory on the market, the U.S. homeownership rate has climbed to a 6-year high. The United States Census Bureau reported that it increased to 65.1% in the fourth quarter of 2019, representing...
How Pricing Your Home Right Makes a Big Difference
How Pricing Your Home Right Makes a Big Difference Even though there’s a big buyer demand for homes in today’s low inventory market, it doesn’t mean you should price your home as high as the sky when you’re ready to sell. Here’s why making sure you price it right is...