Windsor Property owners are taking advantage of the real estate market that has taken quite a turn in the last six months or so. Prices are increasing, inventory is headed down, interest rates are still good and buyers are ready. This couldn’t be better news if you have been sitting on your home waiting for a good time to sell.
As we all know, the last several years have been dismal for the real estate market. Sellers did everything they could to sell their homes yet buyers took their time, knowing that prices were bound to go lower. And they did. However, values are now increasing and a an increased optimism is spreading over the real estate industry. There are several reasons why now is a great time to put your home on the market, but here are the top three:
1. Lack of competition:
This is a positive sign for sellers and will work to their advantage. There has been a decline in foreclosures and homes in distress, simply because banks are more willing to work with home owners. But as we know, in the past few years, you couldn’t drive down a neighbourhood without seeing plenty of homes for sale. There was so much competition, that buyers had their choice and could bid successfully on a much lower price. For many homeowners, who had their homes on the market in the past few years, they are weary, and have decided to stay in their homes. But for those that decide to list their property and price it right, you will find a lack of competition that we haven’t seen in a while.
2. Quick sales:
Homes were sitting on the market for months, though they were priced at bargain basement prices a few years ago. Buyers felt they had more than enough time to buy a home but take my word for it, buyers are buying at a faster pace because they aren’t so sure that same house will be on the market next week. We are now seeing multiple offers with properties and buyers who have lost out on previous bids, and while disappointed, they want to see other homes quickly. With the new surge in activity, houses that are priced right, and show well, can often see buyers not hesitating to make an offer. They know that waiting can eventually cost them a home they want.
3. Getting higher prices:
Today, a home seller can get more for their property than even six months ago. Needless to say, this is good news. What makes it even better news is that with interest rates still at incredible lows, a seller can turn around and buy another home at a good price at low-interest rates. If you are even considering selling your home right now, it would be a good idea to look at your neighbourhood comps, which is finding out what similar homes sold for in your area. Keep in mind that these are not the prices that homes were listed at, but rather what they sold for. A real estate agent would be happy to get these numbers for you, so you can determine whether it is a good time to sell or not.
But of course, only you can decide if now is the right time to sell your home. But it’s good news for those that have been waiting for several years to put their house on the market. Many home sellers have felt trapped in their homes since the market collapsed in 2007. Prices were so low that many home owners could only wait until home values recovered and started moving upward. Finally, they are regaining their equity and realizing that they have a much better chance of selling their home at not only a better price, but in a shorter amount of time.
Again, with demand up, less competition, increased prices and interest rates at all time lows, buyers have renewed confidence in the housing industry. If you are thinking that selling your home now may be an opportunity you don’t want to miss, then take the time to interview three real estate agents to get their perspective. Ask them for your neighbourhood comps to make them back up with proof their suggested price for your home. Also, ask them to tour your property and see what updates or repairs need to be made before you decide to list. While buyers are out and ready to buy, the majority of them want a home that is move-in ready with little work that needs to be done. Making your home as appealing as possible and priced correctly, means that you may very well finally sell your home and have the freedom to move.