5 Reasons to Sell Your Home in 2015
There are some good reasons to consider selling your home in 2015.
1. Buyer demand is hot! In the Chicagoland market, the monthly supply of homes on the market was 5.0 and indicates strong buyer demand. In addition, homes that sold in July 2015 were 97.3% of list price. Median market time for the 12 months ending in July were 48 days. It is a market that favors sellers and buyers are looking.
2. Prices continue to rise. The median sales price was 8.5% higher than prior year levels in July and 28% higher than three years prior for the Chicago metropolitan level overall. Lower inventory + a significant decline in distressed sales have resulted in higher prices. For those who have been unable to sell because of being underwater on their mortgage, it may be a good time to see if rises have risen sufficiently to allow a move.
3. The mortgage environment for buyers is good. Interest rates are still fairly low. The current 30 year fixed rate is 4.1% according to Bankrate.com (for 8/5/2015). There are low down payments available on both FHA and conventional loans (conventional loans are presently available with a 3% down payment). Down payment assistance is also available to first-time home buyers (in Illinois, up to $7,500 through Illinois Housing Department) and some communities are also offering assistance. The better the environment for buyers — the better for sellers looking for buyers.
4. The future real estate market is uncertain. The only thing certain in real estate is change. Housing is impacted by economic changes and political agendas. Change is constant. There are some upcoming changes to FHA loans that will have some impact on buyers. Interest rates are expected to rise and some of the low down payment programs and downpayment assistance are subject to political interests changing. A potential higher market value next year could be offset if loan costs are higher for buyers or if there are more stringent loan underwriting guidelines.
5. Isn’t it time to get on with your life? The decision to move is usually not motivated by a favorable housing market or higher prices. It’s the usual “life stuff” that pushes the need or desire to move. Your motivation may be for a bigger house for your growing family, wanting to move to a better school district for your children, for older homebuyers – a move closer to your kids, a desire to downsize for empty nesters or a move to your retirement city. The housing market of the last few years have kept many homeowners stuck in their current home. Maybe 2015 is time for you to make your move?
If you are looking to buy or sell in the Chicago area market, give me a call. I can also answer any real estate questions you have about the value of your home or real estate in general.