Traffic on several large real estate websites are up about 40 percent, and the National Association of Realtors announced that pending home sales are up 15 percent from last month. Also, a wide swath of American home buyers are being propelled out of urban areas to suburbs and rural regions.
If you’ve toyed with the idea of selling your home, now is the perfect time. Read on to learn why you should not let this opportunity pass you by.
Home equity at record highs
Do you have any idea how much equity you have in your home? Many homeowners haven’t a clue, but it’s worth finding out.
Mortgage data firm Black Knight found that “Americans’ home equity reached a record high earlier this year, according to Jeff Ostrowski, senior mortgage reporter for Bankrate.com.
With mortgage rates so low (see below) and your hefty equity, that dream home may just become a reality.
Mortgage rates are oh, so low and may go lower
Mortgage rates are almost impossible to predict. However, many experts foresee rates staying near 3 percent or under in the next three months.
If you’re waiting for a specific mortgage interest rate to occur, let us know. We’ll keep an eye on rates for you and let you know if and when it happens.
Home prices are amazing for sellers
Those low mortgage rates are encouraging homebuyers to jump into the market. That, in turn, increases demand and, subsequently, home prices.
“In July, the [national] median home price shot up 8.5% year over year, to hit a new all-time high of $349,000,” according to Clare Trapasso, citing the most recent realtor.com® data.
Homes are flying off the market
The average number of days a home remains on the market, nationwide, is 24 days. This news is especially welcome for home sellers who need to move quickly.
If you don’t have forbearance, sell the home
If you don’t have a federally-backed mortgage, you didn’t qualify for mortgage forbearance under the federal Cares Act.
Many lenders of non-federally backed mortgages decided that they, too, would offer forbearance, but not all of them, and not on all loans.
If you didn’t qualify either way, and you’re delinquent on your mortgage, consider selling the home.
The sooner you do it, the less you will owe the lender at closing. If you wait, you’ll face foreclosure.
The real estate market has always been a moving target and that hasn’t changed. One day mortgage rates are down, the next day they rise. Likewise, nobody can predict the duration of what is currently an amazing seller’s market.
The time to sell your home, if you been considering doing so, is right now.
Shelley Nemethy, Realtor® – Cell: (407) 739-5359, Email: [email protected]
Tim Nemethy, Realtor® – Cell: (904) 553-6194, Email: [email protected]