As we all know, the last few years of the real estate market has been a true buyers' market. This buyers' market was driven by low interest rates, falling prices and a huge inventory. Much of the inventory and low prices came as foreclosures and short sales flooded the market. Buyers could take their time and choose between several homes that fit their own criteria and pricing goals. These conditions made it very hard for those who wanted to sell.
Well here is some good news. If you have considered selling over the past four or five years but didn't feel you could compete, now may be an excellent time to have your house on the market. Here are three reasons why:
1. Very Low Inventory - Every buyer that I am currently working with complains that they just don’t have that many houses to choose from. For those homes still on the market there usually seems to be a reason. Many of these homes are in poor condition or may have a bad lot. For whatever reason, these homes are still on the market because of some undesirable condition. Buyers are still looking for a good deal that is move-in ready.
2. Very Few Foreclosures – The banks have been keeping their inventory of foreclosures and have not been releasing them into the market. This has given the market a chance to stabilize over the last few months. But don’t get a false sense of security that things are starting to go back to the way they were. The banks still have a huge inventory of foreclosures and could begin releasing them again early next year.
3. Interest Rates – Interest rates are still at historic lows. This allows buyers to buy more house for the same monthly payment. These low rates will not last for every as the economy way turn around at some point. The upcoming election may also affect interest rates moving forward.
So let me say again, if you have considered selling or have attempted to sell in the last few years, conditions are much better now to give it another shot. This window of opportunity may not last long. More foreclosures are expected in 2013. Interest rates will go up at some point (who knows when that will be?). If you have any questions or would like a free Market Analysis, get in touch with your realtor or give me a call.
Scott Lacy is a real estate agent with Keller Williams. He is also the author of the Dacula Real Estate Notebook, a real estate column with news and advice about the Dacula housing market. You may reach him at 770-722-5129 or firstname.lastname@example.org. You can also visit his web site, www.SearchingDaculaHomes.com.