The festivities of the holiday season are always fun, but it is equally enjoyable to be able to fully focus on work and the exciting year ahead as we serve our clients and customers.
The final statistics are not in yet, but it appears that 2016 will be another record-breaking year for existing home sales in North Texas. All projections call for continued strength in 2017 as North Texas benefits from a diverse economy and strong job and population growth...all of which drive the demand for homes.
Our business family at Virginia Cook, Realtors® is fully prepared and well positioned to ensure our clients and customers achieve their real estate buying and selling goals in this fast-moving market.
With a strong local presence in the North Texas communities where we live and work, and a global reach through our London UK office and membership in the Leading Real Estate Companies of the World®, we have the expertise and resources to exceed every expectation for service and results.
Clearly, we are quite bullish on homeownership as it consistently proves to be one of the best investments an individual or family can make. Homeownership also provides a lifestyle all your own, and the opportunity to become vested in a community that reflects your values.
If you already own a home, but feel like it's time to make a move, there are some driving factors on why NOW is a good time to sell. In fact, here's our Top 4…
4 Reasons Why You Should Sell Your Home Early in 2017
1. Demand Is Strong
The latest Realtors’ Confidence Index from the National Association of Realtors® (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!
2. There Is Less Competition Now
According to NAR’s latest Existing Home Sales Report, the supply (which is 4.5-months) of homes for sale is still under the 6-month supply that is needed for a normal housing market. This means, in most areas including North Texas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.
There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market soon.
Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase, reaching historic levels in 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream homes within the existing inventory have turned to new construction to fulfill their needs.
The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
3. The Process Will Be Quicker
Fannie Mae recently announced that they anticipate an acceleration in home sales that will surpass 2007's pace. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker and simpler.
4. There Will Never Be a Better Time to Move Up
If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.2% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.
And if you're ready to make your move, make it with Virginia Cook, Realtors.