Homeowners: Now Is A Good Time To Sell Your House!
The Housing Market is Heating Up and the Spring Selling Season Is In Full Swing!!! Now is the time to List your Home for Sale With The Brown Team Real Estate Group with Offices in Carlsbad & San Juan Capistrano CA. Call Mike Brown Broker at 760.822.8734 for a FREE CMA/Comparative Market Analysis & Home Valuation.
Buyers are out there searching for their DREAM HOME! Mortgage Interest rates are still at Historical Lows at or near 4.2%. Don't miss out on the Spring Selling Season...Time To Act Is Now! If you LIst with The Brown Team Real Estate Group in April, we will provide a $500 Broker Credit Towards your Closing Costs at the Close of Escrow. Call Broker Mike for more info...
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Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell their houses. This is reflected when broken down by state. Only 11 states have a stable level of seller traffic compared to the remainder of the country, which came in with a weak rating.
As we can see in the following table, the number of people who moved last year is half of what the rate was in the 1980s.
This does not come as a surprise, as tenure length (the number of years someone owns a home before moving again) among existing homeowners has increased. It has risen from an average of 6 years from 1985 to 2008, up to 9.5 years over the last few years. This is shown in the graph below:
What led to this change in behavior? Falling prices during the housing crisis led to many homeowners having negative equity in their home, meaning they owed more on their mortgage than the home was worth. Others were able to secure a low-interest rate on their mortgage and have not been quick to obtain a new mortgage with a higher rate.
Recently NAR reported that “69% of people believe now is a good time to sell a home.”
With a strong economy, low-interest rates, and wages continuing to rise, some homeowners will be ready to put their house on the market and move up to the home of their dreams!
There is a great opportunity for sellers to take advantage of the current real estate market before new inventory comes to market. If you are considering selling your house or would like to know your options, let’s get together today to help you understand the possibilities available to you!