Evidently, according to this recent article we were reading, homes were selling 15 percent faster in recent months and for more money!
And those aren’t the only indications that now is a great time to sell your property. Continue reading to learn more!
4 Reasons You Should List Your Silicon Valley Home Now!
There’s a low housing supply. Tight inventory is one of the primary reasons why this is currently a seller’s market. The level of unsold homes was 4.6 months in February, according to the National Association of Realtors. A balanced market is considered to be more like five to seven months. Tight inventories like what we are seeing now tend to increase home prices and can even result in multiple offers on homes. This is good news for sellers!
There are fewer cash buyers. During the last couple of years, all-cash and investment buyers helped buoy home sales. In fact, in 2014, all-cash buyers made up nearly 31 percent of all sales, according to RealtyTrac. But those numbers are likely to be less in 2015.
Higher interest rates are expected. Although mortgage rates remain historically low, experts are saying that more buyers will enter the market in the coming months, especially in light of hints from the Federal Reserve that higher interest rates could be just around the corner.
Rent will continue to increase. Higher and higher rental prices are spurring more and more tenants to take that leap toward ownership. In fact, rent prices have increased 15 percent nationwide in the last five years in 70 metro areas, even though income hasn’t kept up. Americans’ tolerance for these astronomical rent prices is reaching its tipping point. This will definitely result in home sellers seeing more interested home buyers on the market in the coming months.
How Can We Help You With Listing Your Silicon Valley Home?
We hope you found the above information insightful as a prospective home seller in the Silicon Valley area.
We’d be happy to assist you by answering any questions you might have as well as providing you with some valuable home selling resources.
Until next time,
Gary and Robert