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Many Charleston SC real estate sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? Can buyers qualify for a mortgage? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are five of those reasons.
There is currently a pent-up demand of purchasers as many home buyers pushed off their search this past winter & early spring because of extreme weather. According to the National Association of Realtors (NAR), the number of buyers in the market, which feel off dramatically in December, January and February, has begun to increase again over the last few months. These buyers are ready, willing and able to buy…and are in the market right now!
Housing supply is still under the historical number of 6 months’ supply. This means that, in many markets, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.
There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future. Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).
The choices buyers have will continue to increase over the next few months. Don’t wait until all this other inventory of homes comes to market before you sell.
One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker and simpler.
If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate in the low 4’s right now. Rates are projected to be over 5% by this time next year.
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market and pricing it so it sells. Perhaps, the time has come for you and your family to move on and start living the life you desire.
That is what is truly important.
Want to know what we know about how to sell houses fast in Charleston? Check out how we market: ChuckTown Homes Creative Marketing Plan
Want to know more? Call us today at 888/ 210.3348
Absolutely spectacular home with in ground salt water pool in the highly desirable Tennyson section of Park West in Mt. Pleasant. Just a few of the many features of this "better than new" home include: gleaming hardwood floors throughout 1st level; 9 ft. smooth ceilings; custom plantation shutters; family room with gas log fireplace; gorgeous eat-in kitchen with granite counters, stainless steel appliances, maple cabinets, double wall ovens and center island with cooktop; huge downstairs master suite with sitting area, double tray ceiling; massive walk-in closet, dual vanities, jetted tub & separate shower; formal living room with designer columns and custom crown molding; separate dining room with wainscoting; huge 2nd floor bonus room is currently the billiards room could be the 7th bedroom; relaxing screened porch overlooks the lushly landscaped fenced backyard featuring a beautiful salt water in ground swimming pool. The gunite pool is heated and equipped with cool deck jets and a Phantom automatic pool cleaner. Park West is a fabulous community offering amazing amenities including: swimming pool, tennis courts, clubhouse, miles of walking/jogging trails; daycare, schools, shopping and much more.