Is it time to sell my house? This could be a question you could be entertaining in your mind. But whether you are aware or not, now may be the right time to do it. If you are in need of cash or have some idle real estate property just gathering dust, selling your house may just be the best thing this year. You can get the best deal out of it if you play your cards right.
It is not a wonder finding middle –class families who own more than one property to their name. Some may acquire a property as an investment. Since it is a fact that aside from gold, real estate property comes in second among tangible assets where value appreciates over time.
So, should I sell my house or not? It’s all up to you but first, try to consider the following factors.
Inventory is going down
According to the National Association of Realtors (NAR), around 1.85 million houses were put up for sale in the United States. This was a 9.3% drop in comparison to the previous year. The report came out November 2016.
During the housing crisis in 2007, the inventory of houses for sale was at 4.04 million. This is a 54% difference between 2007 and 2016. This means that there are fewer houses for sale in the market. This also means that there are fewer sellers out there.
Are people holding on to their homes? Are there lesser problems in life now? On the contrary, in fact, there are two factors that come to mind: fast inventory turnaround and increase in demand. Either way, both are beneficial to you as a seller. Ask yourself, is this an advantage to sell my house? Read more below to know more.
Prices have gone up
Just like what’s mentioned above, the law of supply and demand is evident. In another report by the NAR, the average home price in November 2016 was $234,900., comparing to the same period in 2015 where the pricing was at $220,000 – reflecting an increase of 6.8%.
Think about it, if you are a seller, wouldn’t this be an advantage for you? But hurry! Because even if you see prices go up, every day that passes takes its toll on house wear and tear. This can be a contributing factor in your appraisal.
Who can help me understand to sell my house? You need a real estate professional to guide and help you.
Mortgage rates remain at a low level, for now.
Low mortgage rates mean lower maintenance or monthly costs- this is a come-on for buyers. The NAR also pointed out that mortgage rates continue to hover slightly above 4%. Although it is picking up slightly it may be able to hit 4.6% to 4.8% by the end of the year. This is still within good range. However, the tipping point is around 5% when home prices eventually start to drop and lose value.
So, start thinking about it. If you plan to sell your house while the iron is still hot, you could get a good deal quickly. Maybe you’re asking “who will sell my house fast”?
You can get with a real estate investor like VA Real Estate Solutions. They can give you the best deal for your house. In fact, if you need cash right away, VA Real Estate Solutions can give you a fair cash offer. You don’t have to worry because you get real value for your house. It is based on fair-market valuation. You can get your money in a few days and close your property as fast as seven to 10 days.
Planning to sell your house in Hampton Roads, Norfolk, Chesapeake or Virginia Beach? VA Real Estate Solutions can help you.
