Are you one of those who are planning to relocate anytime this year in or out of the Brazos Valley? If so, here are the reasons why you should strongly consider selling your house now rather than waiting until later in the year.
This is the best time your property gets the most exposure
Majority of the buyers venture into the world of real estate market during spring, specifically the month of May. Thus, this sudden increase in the number of buyers dramatically increases the exposure for your property. The greater the exposure of your property in the market, the greater the chance of it being sold. Certainly, NOW is the best time in order to get good, and possibly multiple, offers.
In about 90 days, foreclosures and short sales will proliferate
On a positive note, the number of people that pay their mortgage on time continuously increases. Thus, in effect, this will lead to a reduction in distressed property sales later this year and all through 2012. However, on the other hand, there is still a large supply of existing foreclosures and short sales that will be available in the market.
In fact, in their latest mortgage monitor, LPS reported that
*The number of foreclosure starts is thrice the number of foreclosure sales
*The number of loans going 90+ days delinquent is double that of starting foreclosure.
*The inventory level of distressed properties is almost 45 times the rate of monthly foreclosure sales.
Meaning, as banks straighten out their paper works, there is a backlog of properties that will be available in the market in about 90 days. These properties can be traded at dramatic discounts and definitely they will be your competition.
Over the last six months mortgage rates have increased
Recently, mortgage rates have stabilized. Conversely, the mortgage rates had soared above 0.5% in the previous six months. In a world of volatile rates, waiting is not advisable as this could mean that there will be fewer buyers able to buy your house. Also, it means that you will purchase your next property at a much higher rate than before.
Qualifying for a mortgage is about to get even harder
There are a number of factors that deter a buyer’s eligibility for a mortgage aside from increasing rates. To top the list, banks are more likely to impose stringent standards so as to protect themselves from bankruptcy and lending standards are now getting even tighter.
It’s time to get on with your life
Perhaps the most significant reason to put your house on the market is so you can get on with your life and start anew. You have your reasons why you want to sell your house, of course. A less-than-stellar housing market is not a hindrance in attaining your goals. You have to think of the reasons why you decided to move in the first place. A small difference in sales price is not worth putting off your plans.
Of course, only you and your family can decide on whether or not to sell your house and find other another new place to live in and start over again. It’s better to sit with a Century 21 Beal real estate agent so you can have your best option.
Century 21 Beal, Inc.