Since the 2006 real estate bubble, a majority of homeowners have been hesitant to sell their home. For the last few years, home values have been low and home buyers scarce. However, in late 2012 the real estate market saw a rebound. Values slowly crept up while buyers started going on the hunt. With recent news about mortgage rates this summer, the housing market has snowballed into an even greater resurgence. Buyers are snatching up properties before mortgage rates rise too high while home values are at an all-time high. If the market isn’t enough to convince you to sell your home now, here are a few more reasons:
Several years ago in 2006, the average sales prices for many homes across the nation were around $240,000. Since the real estate industry has taken a quite a few hits, that price has gone down significantly. Today, the average sales price has rebounded back to 2006 prices and according to many real estate experts, the average price per square foot for many single family residences is around $112. That is slightly higher than the average price was in 2006, which is very good news for sellers in the Austin area.
In the real estate industry, everyone in your local area that is selling a home similar to your own is your competitor. You need to gain the attention of avid buyers before your neighbors do. And you can do that by getting your home on the market as quickly as possible. According to recent reports, absorption rates have gone down nearly 33%, which means there are fewer homes currently available for sale (creating greater demand). At this time, home sellers are getting the best benefit because prices are on the rise and buyers are competing for the best home available.
Since mortgage qualifications are getting stricter, there are fewer people simply browsing for homes and more serious buyers making offers. This will help you to sell your home faster because you will only be dealing with offers from buyers who really want to move into your home, as opposed to buyers who may decide to back out. And with all the mortgage changes going on, more buyers are inclined to have all the necessary loan papers and procedures taken care of before they come to you with an offer.
There will never be a better time to sell your home and move to a much nicer property. The supply of available homes is drastically shrinking so if you are looking for a much larger, more luxurious home, this is the best time to look. If you wait much longer, you may miss out on the deal of a lifetime. It is also the best time to lock in a low interest rate on a mortgage since rates are expected to rise more in the coming years.
Lenders are now paying more attention to the purchase market since there have been several changes taking place. This means that they have chosen to go through with purchase transactions in a much shorter time frame than refinances. Refinances have actually begun to slow down according to the Mortgage Bankers Association. As a result, you may be able to close the sale of your home in as little as thirty days after you have accepted the offer from the buyer.
If you are a homeowner in Austin, Texas and are interested in selling your home, right now is the perfect time to sell. Not only do you have the advantage of the warm weather during the last few days of summer, which will allow you to add more curb appeal to your home, but you also get to take advantage of last minute buyers who want to move into a new home before the new school year begins.
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