This fall isn’t going to mean just sweaters and apple cider: There may never be a better time to sell your home or trade up to a new one.
Here are just five things you should know about the new season’s real estate market:
Demand is strong.
The National Association of Realtors shows that buyer demand remains very strong throughout the majority of the country. And, more often than not, multiple buyers are competing with each other for a home.
There is less competition now.
Housing inventory is still under the six-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased.
The process will be quicker.
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting preapproved for their mortgage financing. This makes the entire selling process much faster. According to Ellie Mae, the time to close a loan has dropped to 43 days.
There will never be a better time to move up.
The inventory of homes for sale at higher prices has forced these markets into a buyer’s market. Prices are projected to appreciate by 5 percent over the next year, according to CoreLogic, so if you are moving to a higher-priced home, it will cost you more in raw dollars — both in down payment and mortgage payment — if you wait.
Homeownership can help you build equity over time.
The latest Survey of Consumer Finances by the Federal Reserve, which includes data from 2010 to 2013, reports that a homeowner’s net worth is 36 times greater than that of a renter’s: $195,400 compared to $5,400.
Briggs Freeman Sotheby’s International Realty is a luxury brokerage headquartered in North Texas. Its award-winning agents, serving clients from offices in Dallas, Fort Worth, Southlake, Lakewood, Uptown, The North and The Ballpark, achieved a record-breaking sales volume of $3.2 billion in 2016. Independently owned and operated by president and CEO Robbie Briggs, the firm specializes in the purchase and sale of significant properties, from historic and contemporary to waterfront, ranch and land. Its deep-rooted connections, superior marketing resources and global strategies, as part of the $95 billion Sotheby’s International Realty network, bring the extraordinary to every client.