5 Reasons Why You Should List Now Instead of Waiting

Thinking of selling your home? No need to wait for the spring market! Here are 5 reasons why you should list now.

1. Don't wait until Spring to list your home--do it now.

With inventory levels dropping you face far less competition to sell your home. Buyers are in the market and are seeking more quality inventory. Inventory shortages are across the board in all price categories, so don't second guess whether there is an abundance of homes on the market in your price range.  
According to the Illinois Association of REALTORS® monthly local market
update for the Chicagoland PMSA area, the inventory of homes for sale on
the market dropped 29.1% in December 2013 from December 2012. Days
on market for average homes is dropping as well. In the Chicagoland PMSA
area, the average days on market was 65 versus 85 days in December 2012,
a decrease of 23.5%. Nationwide sales for all of 2013 were the highest since
2006, and median prices maintained strong growth, according to the 
National Association of REALTORS®. The prospects for a strong housing
market continue into 2014. 

2. Serious buyers are out there shopping.

Consumer confidence has returned to pre-recession levels. Despite adverse winter weather conditions, REALTORS® report strong activity and steady foot traffic. People are stepping up their online searches as well. Inman News reports total U.S. visits to real estate websites were up 25% in January from December 2013. Less competition means more exposure for you as individuals begin their search process online through the various real estate search engines. Homebuyers in 2014 are likely to be a combination of both repeat buyers, first-time buyers and boomerang buyers who have been renting since they lost their homes due to default, according to the University of Illinois Regional Economics Applications Laboratory. Buyers are making their move to purchase before interest rates inch higher.

 
3. There is less competition.

Spring typically brings more sellers to market. Be early to this real estate party versus late. Get your house listed on the market now to beat the flurry of sellers waiting until spring to list their home for sale. Meet with a REALTOR® to begin the listing process--someone who can prepare a comparative market analysis to work with you to determine a competitive price for your home.Your REALTOR® can help you with the staging process and develop an e-presentation for your home for those buyers who are looking online for potential homes to purchase. The longer you procrastinate means you will be selling alongside a greater number of sellers within your price range when the weather breaks. As the economy continues to strengthen in 2014, there will also be a substantial increase in new single-family construction to meet the rise in household formations.

4. Move on to that new chapter in your life.

More than likely you have been evaluating your options for some time now and this is not a quick spur of the moment decision to sell. Make your move this winter so that you can focus on other things this spring and enjoy the outdoors! Better yet, lock in those interest rates before they move higher. The 30-year fixed rate mortgage averaged 4.43% in January. Predictions are they could reach 5.3% in 2014 which is a full percentage point higher. That means several more thousand dollars more you will need to pay over the full-term on your mortgage at a higher interest rate level.

5. Price is king in this market.

Pricing your home correctly on the front end is key and critical to getting your home sold. Your target should be getting a strong offer for you home. Now, more than ever you need the special skills and expertise of a REALTOR® who can help guide you through the process of pricing your home. Have you done any updates to your home recently? Make sure to factor those in. Check out the Cost vs. Value report of 35 popular remodeling projects with the value those projects retain at resale in cities across the U.S. According to the December National Association of REALTORS® REALTORS® Confidence Index, 92% of REALTOR® respondents expect constant or higher prices in the next 12 months. Remember, this is a business transaction and you need to be ready to consider all offers. The University of Illinois Regional Economics Applications Laboratory expects continuing strong annual increases in median prices throughout this first quarter.

Call Dino today @ 847-922-4241 to discuss your situation.