Why not sell now? It is a great time to buy, but in this market – it can also be a good time to sell!
First of all, inventory is somewhat low. Currently in the Riverside area, there are only 32,879 single family homes and condos currently for sale. While the number of homes is higher than Sept. 2009 – at 27,493, it is still lower than the previous three years with Sept. 2008 – at 48,794, Sept. 2007 – at 59,183 and Sept. 2006 – at 47, 561 (statistics provided by www.housingtracker.net). That means for today’s homeseller, there is not many homes to compete with. It is more likely that a well cared for property that shows well and is priced well will sell in today’s market.
Secondly, today’s homeseller in a standard sale position is at a better advantage than those homes in a sacrificed position, such as a short sale. Any buyer out there that is willing and able to move quickly will not consider a short sale due to the timely process in negotiating with the bank. In addition, a standard sale property is more appealing when the home and landscaping is maintained in comparison with a foreclosure property with a whole yard of “dead grass.” That being said the current standard sale inventory is lower than the short sale and foreclosure inventory, putting the standard sale homeseller in a better position.
The third point is that it is the best time to buy in years! Today’s homebuyer is well armed with the best interest rates the housing market has seen in 30 years and with excellent homebuyer program opportunities. Riverside County as well as many other areas throughout the nation are offering incentive programs to help people become homeowners. There are many diverse and enticing programs that can put today’s buyer in a home who may not have afforded one in a market with higher interest rates or a lack of buyer programs. Take advantage of the market as a seller and put your home in a position to be chosen.
In addition, leveraging equity in homeownership can be done in this market. Now may be the best time to move up or move down. A smart homeowner can recognize that they may not gain as much profit on the sale of the current home, but the reward is in taking advantage of today’s low interest rates. Thus leveraging the equity of the current house by the future equity in the next house. The affordability factor is greater now than ever to make lifestyle changes that can potentially have excellent long term benefits when the market fully recovers.
Finally, putting a home on the market in the 4th quarter takes advantage of the serious buyers. It is good to know that while your house is on the market through some of the holidays, the only people coming through at this time of year are the buyers that are serious about making a purchase. So, although the number of showings you have as a seller may be lower at this time of year, the showings you are having are buyer’s who are serious about homeownership.