Looking to sell your Atlanta metro area home? We get questions all the time- when should I put my home on the market? Springtime belongs to the real estate market. It is the season that brings out the best in buyers looking for a new home. Market activity will be high and new home sales will soar. With all this going on, when should serious home sellers list their homes? The answer: right now.
Since housing inventory is low in Metro Atlanta during the winter months, homes that are listed now will have less competition. This means your home can be a stand-out instead of being buried under the influx of inventory will come later in April & May. You can act now, sell your Atlanta metro area home, and take advantage of this crucial exposure because when summer hits, the volume of homes for sale will skyrocket.
We believe this year is going to be one of the strongest years in recent memory for buying real estate. When a slumping housing inventory is coupled with high buyer demand, home prices are bound to rise. Interest rates are still very low which means that buyers have more purchasing power than ever. Bank inventory is some of the lowest we have seen in years.
Of course, buyers want to pay the best price possible, which is why the Atlanta Housing Source Team believes that they will be motivated to buy now – before prices go up. As we see home prices rising, this can also mean a corresponding increase in interest rates. Today’s buyers have the lowest interest rates available in decades which give them the power to buy “more home” without an increase in their monthly housing payment.
If a buyer purchased a $200K home with a 4.65% interest rate, their mortgage payment would be around $1,013 per month. Now with rates as low as 3.65%, they would be able to buy a home worth $225K, with no increase in their monthly payment. This gives buyers an extra $25,000 of buying power without increasing the monthly cost of their home.
With the Federal Reserve’s quantitative easing policy put in place September of 2012, home lending rates dropped again to historically low levels. At the current rate of 3.32%, home buyers are shopping aggressively before this QE3 policy comes to an end.
In past years, a record number of homeowners, having lost their home due to foreclosure, are now choosing to rent instead of buy property. The high demand for rentals, and a general lack of supply, has actually increased rental rates beyond a typical monthly mortgage payment would be. With the market dynamic being that it is cheaper to buy than to rent, you have yet another solid reason to list your property for sale. If ever there was even a time to put a home on the market, it is right now.
This unique combination of market conditions, including extremely low interest rates, buyers in the marketplace with more buying power, low housing inventory and mortgage payments being cheaper than rent, should be the greatest motivators for you, the home seller, to list your home sooner rather than later. If you take advantage of today’s market conditions and price your home appropriately, you will sell your home in no time at all.
Ready to sell your Atlanta Metro Area home? Want a FREE Evaluation of your home’s worth? Complete a short form and we will be happy to provide you with a range. Want a more detailed analysis? Call Mark Lackey at 404.886.8789 today for an appointment.