Updated: Jul 11, 2020
Maybe your family is growing? Maybe you will be working from home a lot more often? Permanently. Have you ever uttered 'we need more room'?
Despite all the disruptions right now, the real estate market has resumed it's normal insanity since pre-COVID. The market is NOT GOING TO CRASH unlike so many people were hoping.
If you know for a fact that the home you own today is not going to fit your family, your needs for the next 5 years, here are 5 compelling reasons you should sell your home now.
1) Strong Buyer Demand - duh! New listing in Chandler gets 52 showings first day on market, 23 offers by end of weekend. That's not strong, that's insanity!
2) Part of the reason it's this nutty is because there is a LOT less competition. The Buyer market is actually about 101.4% right now (pretty darn close to where it should be). The supply however is fluctuating each week to about 44% of where it should be. Do the math. We don't have too many Buyers. We have too few Sellers. Why? Why are YOU not selling?
3) If you've ever said, 'I want to sell at the top but get a smoking deal on the buy', this is it! And this is what most homeowners aren't seeing ... just yet. Let's talk numbers. Put your thinking cap on.
You bought the averaged priced home back in late 2018, your monthly payments are close to $1,500/month and you are bulging at the seems.
Grandma and Grandpa have no where to sleep. Kids are getting a little loud while you are trying to work. There is nowhere for the kids to go except outside but it's 110 degrees right now. You dream of the day of having extra room to work ... in quiet. For guests to have their own room. Maybe a pool? To just stretch out. Did you know that with the average 100K appreciation you have in your home, you could be in a much larger home for the same money? Do I have your attention now?!
I hope you noticed that Fannie Mae's most recent Housing Forecast says the average interest rate for 2020 will drop to 3% as near year-end - before falling down to 2.9% in 2021. You're thinking you want to wait for that low low interest rate. But wait...
No one knows what the future will bring but interest rates can only go so low. Let's even say they got to an unrealistic number of 1% (so not real), prices will still rise and at a higher percentage rate then the interest rate can go down. Right know, right this very moment, YOU have the optimal advantage over every other situation out there. Why are you waiting?
4) More math. If you are moving up in price, incrementally you are losing appreciation. Hypothetically of course, if we see 7% appreciation annually over the next 3 years...
5) You have a small window when you think about it. Not only will more homeowners start to realize this is the very best time for a move up one could ever want. Couple that with more Buyer's jumping in to the market which you will then be competing with. And if you are using the excuse that there are no homes to buy and that's why you are staying, you haven't strategized with the right agent for the move. No it will not be easy. Yes it will take a little extra work for a very big pay off for your future.
Please consider these 5 very compelling reasons why should start putting a plan together NOW as end of year will be here before you know it. How is it already July?! Call me today for a virtual Seller consultation.
THIS GIRL KNOWS CHANDLER
Sheryl (Shey) Willis, CNE
GOARIZONA REAL ESTATE
Maricopa County Real Estate Special Commissioner
Zillow Premier Agent
Redfin Partner Agent
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Sheryl Willis, Go Chandler and eXp Realty does not engage in or condone activities which illegally discriminate on the basis of race, color, religion, sex, age, national origin, disability, familial status or any other protected classification under federal or state law.