When consumers are on a mission to buy something and can’t find what they want, they often encounter that frustrating feeling of slim choices in stores or online. Such is the case with housing inventory as the end of the year draws closer.
With fall in full swing and school underway, this is the time of year sellers typically consider pulling their homes off the market or delay listing it until next year.
With a faster pace of sales in many real estate markets across the country, current and future homesellers might want to rethink that strategy.
Housing choices are more limited right now, which might create pent-up demand as buyers crave new choices. Many buyers are ready to purchase, are actively monitoring property listings for “the one” and will spring into action upon learning about fresh options.
Here are five reasons why it makes sense to put a home on the market right now:
1. Low inventory - It comes down to “Economics 101:” there are a shortage of homes for sale in many markets throughout the country in relation to buyer demand. This creates a highly desirable atmosphere to attain the best possible price and terms for a home if sellers prep for sale the right way. Did someone say bidding war?
2. Rising appreciation - After several years of dealing with distressed sales and foreclosure inventory that caused values to decline, home prices are on the rise. Many sellers are in an enviable position to sell and walk away with a nice profit that they can use on the next place they decide to call home.
3. Low interest rates - With interest rates hovering around the 3.5 percent range, the cost of borrowing money remains extremely attractive. Couple that with a variety of attractive loan programs, and there have never been more responsible options for buyers at various price points and stages to purchase a property, whether it’s a primary or secondary residence — or investment.
4. New construction boom - Lots of new home options are being built across the country that offer a variety of options from move-up, rightsizing, downsizing and a variety of turnkey and luxury options.
Builders have created lots of choices, including multigenerational housing and walkable options where you can leave the car behind, to appeal to the dynamics of an ever-changing population. With healthy appreciation and low interest rates, sellers might be pleasantly surprised to find that a new home could be more affordable than they previously thought.
5. ‘Wow’ technology and marketing tools - There has never been a set of more powerful tools in a savvy agent’s arsenal to provide maximum exposure and reach for a seller’s property. Predictive analytics, social media marketing, drones and the use of video as a powerful storytelling medium connect the dots with the right buyer much faster. On top of that, tech has brought us powerful customer connection tools (such as video calling applications that allow buyers to see properties no matter where in the world).
As a real estate professional, talk with clients and leverage these optimal selling conditions for a successful sale
Cara Ameer is a broker associate and Realtor with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida. You can follow her on Facebook or Twitter.