Leading into the weekend, it still feels very much like summer and then, with college football getting under way this weekend and all the other traditions of this much anticipated holiday, we'll suddenly wake up on Tuesday morning with thoughts of the fall, the holidays and year end somehow much closer.
If you're undecided about whether or not to sell your home right now, it would be reasonable to assume that, with a bit more time on your hands in the coming days, you'll quite possibly be making up your mind if you want to sell this year or sit it out and wait until 2017.
Obviously there are so many circumstances that will factor into your decision process. Here, however, are five great reasons why you might consider that listing as fall approaches, especially this year, it could be a very smart move:
Mortgage Rates - It would be nice to think that the current near-historic, ultra-low mortgage rates will be a permanent fixture of the real estate market. Sadly, however, like all good things this wonderful era we're currently in will come to an end. The problem is no-one knows when that will be and, for the immediate future at least, it seems reasonable to expect rates to be much as they are now. But there are simply no guarantees from day to day, which is partly why there has been such vibrant buyer sentiment so far this year, as buyers seek to lock in these low rates that have also given them incredible buying power. Let's hope we have many, many more months of home loans being so affordable, but you can't count on it.
Home Prices - We've seen excellent sales price growth in the Albuquerque area for some time now. It might therefore a seem tempting thought that waiting a few more months might realize even better returns for your home. Hopefully that is exactly what will happen to the market, but this requires buyer sentiment to remain at the current high level and, of course, it only takes something to shake confidence, whatever it may be, and that price growth begins to stagnate or, even worse, to recede. Just as with the situation with mortgage rates, dealing in the now is really the only form of near certainty that's worth considering. Right now homes are selling, there's a shortage of supply and demand is high. The phrase "if it ain't broke don't fix it" springs to mind.
The "People Don't Buy Homes as Fall/Winter and the Holidays Approach" Myth - This is arguably the biggest myth in all of real estate. Last year, for example, buyers carried on purchasing in numbers right through the year for very much the same reason as this year has been so successful - yes it's those low mortgage rates again! Apart from those motivations, many buyers simply cannot wait to move, often due to job requirements, and, at this early stage in the proceedings, there will be some buyers out there eager to be nicely moved in by the time Thanksgiving arrives, so they can entertain in their new surroundings. With the market in such an enviable state, there really isn't a bad time to be selling in the entire 12 month cycle. Remember, too, that with some sellers succumbing to the mythical mindset of selling a home as year end approaches, you actually have less competition, with all that implies for the robustness of your asking price.
The Election... - Exactly what happens in the Presidential Election is really not the concern of this blog, at least until there's some new housing policy decisions to talk about in the New Year, which could happen, given that there's going to be a new administration in Washington, irrespective of who is the victor. What's relevant to your decision as to whether or not to put off listing, however, is that elections can breed uncertainty, which has the potential to affect buyer confidence. So far, however, this doesn't seem to have been dented at all by the prospects of life after November 8th, so why not make hay while the sun is, quite literally, still shining!
Your Own Situation - While there are too many potential personal factors for us to even think about covering, one thing we can be certain in saying is that, if you're planning to upgrade to a bigger home, for example, your buying power is currently very high due to those low, low mortgage rates and, of course, your monthly payments will be rock bottom too. So, for all the reasons we've specified above, moving home right now makes a lot of sense when there is such high demand for property.
We hope the above thoughts help you to see that it makes a lot of sense to consider selling right now. Contact us if we can be of assistance and we'd like to take this opportunity to wish you and your family a fabulous holiday weekend.