One of the most common questions that I get as a Realtor is, “Is it a good time to list my home?”
We know that this is a great market to be in according to Fannie Mae’s Home Purchase Sentiment Index, a survey of 1,000 Americans in January about their attitudes toward housing.
- · 42% of Americans believe home prices will increase, a month-over-month uptick of 7 percentage points in January.
- · 69% of Americans say they are not concerned about losing their job, a 1 percentage point increase from December 2016.
- · 15% of Americans say now is a good time to sell, a 2 percentage point month-over-month increase.
- · 15% of Americans who say their household income is significantly higher than it was 12 months ago, a month-over-month increase of 5 percentage points.
- · 29% of Americans who say now is a good time to buy a home, a 3 percentage drop from December 2016 and a new survey low from May and September 2016.
These attitudes and sentiments point to a favorable market for those considering listing their current homes. The additional factor of it being a very “tight” market (few homes for sale) make it a Seller’s Market; one in which the Seller is in control and likely to get top dollar.
The only caution that I have to advise is not to get too greedy. Even in this favorable market, there are still homes sitting on the market for long periods because the owners got greedy and overpriced them. Listen to your Realtor® and price it properly. Not all areas have come back from the “Great Recession” at the same pace and there are still pockets of depressed pricing, which your Realtor can identify.
Many people decide to wait for Spring and warmer weather to list their homes. That is a mistake, too, in a tight market. The old saying to “strike while the iron is hot” should be modified to read “strike while the market is tight” for real estate. In the spring lots of new listing will all come on the market at once, giving the buyers too many alternatives to look at and potentially burying your home in the crowd. List now, while you will stand out in an un-crowded field.
I saw a sign outside a dentist’s office that read “Accepting new clients”. Well, I’m accepting new listings, if you are ready. The market is certainly ready and primed for your home to be listed. If
Call today – Norm Werner at 248-763-2497.