4 Good Reasons to List Your House TODAY!

If you are thinking about Selling, these are four good reasons why you should put your House on the market today:

1.) Demand Is High

Homes are selling at a pace not seen since 2007. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012 increased 9.2% over 2011. There are buyers out there right now and they are serious about purchasing!

2.) Supply Is Low

The monthly supply of houses for sale is at its lowest point (4.4 months) since May of 2005. The current month’s supply is down 21.6% from the same time last year.  Low inventory levels translate into less competition.

3.) Interest Rates Are Projected to Inch Up

The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

4.) Fewer Homeowners in an "Underwater" Situation as Prices Begin to Rise

With home values falling dramtically from 2006 boom prices, many homeowners have found themselves in what is called a "negative equity" or "underwater" situation.  This means the value of their home is currently less than the mortgage amount on that home.  Many of these homeowners have been "locked" into their houses because they were unable to sell without bringing cash to the closing table.  The good news is, this situation is improving as prices begin to rise.  We still have a long way to go, we should look at what the experts are saying.  

The recent Zillow Negative Equity Report revealed: 

• Negative Equity continued to fall in the 4th quarter of 2012, dropping to 27.5% of all homeowners with a mortgage, compared to 31.1% one year ago. 
• Almost 2 million American homeowners were freed from negative equity over the course of the year. 
• Approximately 13.8 million homeowners with a mortgage were in negative equity or "underwater" at the end of the 4th quarter in 2012, this was down from 15.7 million in the fourth quarter of 2011.

Anand Nallathambi, president and CEO of CoreLogic, sees the situation improving:
"As we look ahead into 2013, we expect to continue to see more borrowers' escape the negative equity trap and that will be a strong positive for the housing market specifically and the broader economy generally."

If you are curious to find out what your property is currently worth, contact me for a free pricing proposal at:  Kate.Mattox@raveis.com