The summer is in full swing and buyers are coming out ready to purchase their dream home. For this reason, the summer is a great time to list your home for sale. Here are a few reasons that support this statement:
1. Strong Demand
According to the latest Buyer Traffic Report from the National Association of Realtors (NAR), buyer demand remains very strong. Across the country, buyers are ready, willing and able to purchase…and they are searching right now. It is a great time to take advantage of the buyer activity currently in the market.
2. Supply of Homes Is Down
As reported in NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7 months. This is great news for home prices.
3. A Speedy Process
Fannie Mae has announced that they anticipate an increase in home sales that will surpass the pace of 2007. While the market heats up, banks and lenders will be busy with loan inquiries and processing, which can cause closing timelines to lengthen. By listing and selling now, the process could be simpler and inevitably, quicker.
4. There Is Not A Better Time To Look For A Home
From a financial point of view, there is not a better time to be looking for a home. The cost of money is at an all-time low, and home prices are projected to appreciate by 5.3% over the next year, according to CoreLogic. Right now, you can also lock-in your 30-year housing expense with an interest rate below 3.5%.