to sell or not to sell

Ready To Sell Real Estate Fort Lauderdale

Is Now The Right Time To Sell

Many now realize that it is a great time to buy a home.  It might also be an opportune time to sell your property.  Here are a few reasons we believe now may be a perfect time to put your home on the market.

Demand Is High

Recent Existing Home Sales Reports by the National Association of Realtors (NAR) show a double digit percent increase in sales year-over year; sales have remained above last year’s levels for over 25 months.  There are buyers out there right now and they are serious about purchasing. Currently in the Greater Fort Lauderdale Area, quality inventory is extremely slim. Buyers are moving fast when they find a hidden gem.

Supply is Slim but Is Beginning to Increase

Nationally, total housing inventory is expected to approach historic norms of a 5 month supply compared with 4.3 months averages.  Many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months. Selling now while demand is high and before supply increases may offer you a higher selling price with greater exposure to more buyers, especially while interest rates are still at all time lows - giving more buying power to consumers.

New Construction Is Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block.  As the market is recovering, more and more builders are jumping back in.  These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.

Interest Rates Are Rising

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have risen from average rates of 3.3% in January 2013 to nearly 4.5% in November 2015. Recent closings indicate even higher rates, as much as 4.9%. Most experts predict that they will continue to rise nearly a full percentage point within the next twelve to eighteen months. This could mean an increased monthly cost of $175 on a $280K - 30 year mortgage. For buyers requiring a mortgage, this will definitely slim their budget.

Waiting for Your Property Value to Further Increase May Cost You More

Many are expecting their home values to continue to rise, and based on recent data, they are correct. While statistics show the national average to be around a 5.5% gain over last year, locally the numbers are even higher. Some areas in the Broward and Miami Dade Region have increased between  8% and 20%. While those numbers sound great, if you are planning to reinvest in the real estate market, the amount you gain in sales price may quickly be lost to a higher price paid on the property you purchase, and that’s before incorporating a potentially higher percentage rate of interest for borrowers.

Let’s Evaluate

Look at the reason or reasons you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should? Every seller has a different set of circumstances to weigh in their decision making process. Take a little time to truly evaluate your reasoning for selling and staying. Give us a call at Charles Rutenberg Realty’s PadQue of Fort Lauderdale ((954) 566-0355) to discuss your goals, help you analyze the pro’s and cons, your options, the numbers, and the reality of current market conditions specific to your neighborhood. The time may have come for you and your family to move on and start living the life you desire.