Now is a good time to both buy and sell your home. Across the United States, the market is on fire. Fannie Mae recently released a National Housing Survey that found that 52% of Americans felt that now was an awesome time to sell their house. We're now seeing home sellers getting more for their homes because of a lack of inventory.
Now is a good time to both buy and sell.
Selling the home is the first and most critical step of the buying-selling process. In today's market, 85% of sellers indicate that they will buy another house, so while they're adding to the inventory, they're also coming back around as competition when it comes time to buy again. One advantage they enjoy is that, having just sold a home, they have more money to put down and better credit than first-time buyers. A disadvantage are that they may still have a home to sell, and that's not as appealing to other sellers who can consider buyers who don't have to sell their previous home first.
As buying competition, homeowners are moving for a variety of different reasons. I've listed the most important as discovered recently by a survey done by the National Association of Realtors:
- Wanting a different neighborhood
- Needing a home with different features
- Wanting a bigger home
- Wanting a better location
- Needing to lower their cost of living
Sellers from the 35 to 44 year age range noted the desire to be in a different neighborhood or needing a bigger home as their primary motivations, while sellers ages 55 to 65 preferred homes with different features or a better location. The biggest factors (or barriers) in today's market preventing all sellers from selling their home are time, the necessary changes that need to be made for the house, and finding a replacement home.
If you need help selling your home and buying your next one, please feel free to contact me by phone or email.