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Why Home Owners Need to Get Moving

An article in CNNMoney highlighted why this spring may be the perfect time for sellers to get off the fence and move up.

REALTORMAG

•Less Competition:

A limited number of homes on the market will help sellers nab top dollar, and may even spur bidding wars and multiple offers.
The National Association of REALTORS® reports that inventory levels nationwide were at a 4.6-month supply in February.
A balanced market is considered to fall between a five- to seven-month supply.


•Mortgage rate hikes loom:

Mortgage rates are still sitting near historical lows, with the 30-year fixed-rate mortgage hovering under 4 percent.
The low rates have helped push more buyers into the marketplace, but they could also be a good thing for sellers
who are looking to rebuy. However, rates aren’t expected to remain this low for too much longer, which may prompt
a rush this spring.

•Soaring rental costs:

Also spurring more potential home buyers off the sidelines: Rising rental costs.
Rental prices have increased 15 percent nationwide in the past five years in 70 metro areas
across the U.S., according to NAR research.

Source: “4 Reasons to Sell Your Home Now,” CNNMoney (March 25, 2015)