If you are on the fence about selling your home, now may be the time to act. According to Zillow.com, homes sell 15 percent faster in mid-March through mid-April and for two percent more than your average sale.
According to economists, it is a “seller’s market,” and below are four reasons why:
1.) Low housing supply. Perhaps the most significant reason to sell is because there is a lower number of homes on the market. According to the National Association of Realtors, the level of homes for sale in February was approximately 4.6. This means that it would take approximately four and a half months to sell all of the homes on the market. The normal market is a five to seven month supply of homes. A smaller inventory will oftentimes hike up home prices and spark bidding wars, which is great for sellers.
2.) Fewer cash buyers. Cash and investment buyers helped increase home sales over the last two years. Home prices are expected to grow slightly this year but with fewer cash buyers. Economists look for price growth to stabilize.
3.) An increase in interest rates. The Federal Reserve recently hinted that higher interest rates are expected to happen sooner rather than later. While mortgage interest rates remain low, real estate experts predict that buyers will act now to take advantage of the lower mortgage rates.
4.) Rising rent prices. Nationwide, rent prices have increased 15 percent in the past five years in a study conducted in 70 metro areas across the country. Every time there is a jump in rent, more homebuyers enter the market.
Click here to read more on why now may be the perfect time to sell your home.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
