There are many reasons why you may want to sell your home. However, it’s important that you find the right time to sell, if you can wait. Selling at the wrong time could lead to your home selling below its true value, or worse, not selling at all. Fortunately, right now is a good time to sell your Loveland area home. Here’s why:
The Best Time of Year to Sell
The peak selling time is usually considered to be the spring and summer months, which means listing your home now is a good idea if you’re looking to sell soon. There are a few simple reasons for this: Home buyers would much rather go house hunting when the weather is at its best. Nobody wants to trudge through the harsh Colorado winters looking at homes – they’d rather spend fall and winter inside. Not to mention that fall and winter represent the major holiday seasons, so most potential buyers are going to be busy with their families and not as intent on finding a new home just yet.
If you list your home during fall and winter, you’ll also risk having your home sit on the market for longer than is healthy. Buyers pay attention to how long a house has been on the market and often use this as a way to negotiate the price. Houses that have been on the market for long periods of time tend to raise red flags amongst buyers as well.
Housing Prices Trending Upwards
The housing market has taken a long time to recover since the economic downturn. The many foreclosures and rising unemployment rates resulted in many Americans choosing to rent instead of buying. This caused the housing marketing to come incredibly close to crashing. However, as the economy has begun to recover and grow, with unemployment rates dropping off, people have been taking advantage of favorable housing terms. Last year, home prices began to skyrocket because buyers were more financially secure and were taking advantage of low interest rates. In the last year, home prices went up by 10.9 percent across the entire country. Home prices are projected to continue rising this year, but nowhere near as rapidly as they did in 2013. Most experts predict between a 3 and 6 percent increase in nationwide home prices this year.
Because home prices are continuing to rise, it’s an excellent time to list your home if you are looking to sell. In fact, you may not want to wait any longer. After the housing market was on the brink of a total collapse, lenders began offering extremely good interest rates in addition to making it easier to obtain a mortgage in an effort to convince buyers to buy homes. While interest rates are going up as the housing market recovers, buyers are still taking advantage of favorable rates. These rates won’t be as favorable in the future, which means the amount of buyers will eventually decrease. Most experts believe that fixed 30-year mortgage rates will end up increasing to 5.5 percent by the end of this year.
It’s Time to Sell Your House
What does this all mean for you? If you sell your Loveland area home now, you’ll not only have a better chance at selling your home, you may also have a chance at creating a bidding war due to the fact that there is still a large demand for homes. Additionally, it will be easier for you to find another home to buy at this point in time, making the selling and buying process about as easy as it will ever get for you.