The Best Time to Sell Your Home on Long Island
Homeowners with school-age children often prefer to put their homes on the market in spring so that they can settle into their new abode in time for the upcoming school year, but there are several compelling reasons to consider selling your home this fall. Low interest rates and enticing mortgage programs continue to keep demand high, while inventory is at a historic low. For these and other reasons discussed below, listing your home now may allow you to sell quickly and take advantage of a great deal on a new home.
A key indicator of market strength, results from the August 2016 REALTORS® Confidence Index survey show that buyer demand remains very strong throughout the country. Moreover, most respondents were confident about the outlook for the next six months across all property types, with the six-month confidence indices for single-family homes and townhomes registering over 50.
NAR’s latest Existing Home Sales Report showed that limited inventory slowed existing home sales in August 2016. This is great news for sellers since it means less competition. Bear in mind that reports also reveal that as builders regain market confidence, they are expected to increase new single-family home construction over the next 24 months. This is important to note considering recent new home sales data shows that a significant number of buyers turned to new construction after failing to find their ideal home within the existing inventory.
A Faster Process
During times of increased home sales, lenders become backlogged with deals – often causing delays in closings. Since existing home sales are down, lenders will likely have more time to devote to processing loans. Therefore you can take advantage of a faster, more streamlined process by selling now.
It’s a Great Time to Trade Up
Those looking to move to larger, more expensive homes have an additional incentive to sell now since CoreLogic’s October 2016 Home Price Insights report reveals that prices are expected to appreciate by 5.3% over the next year. That combined with the fact that interest rates are currently very low but are projected to increase over the next 12 months suggests that waiting to sell your current home and purchase a new one could end up costing you more in the long run.
If you are thinking of selling your home or need advice on mortgage programs,contact Cliffco Mortgage at (516) 408-7300.