Might Be A Good Time To Sell
Wondering if now might be a good time to sell? The report for March 2013 has just been released. It is easy to see from the graph below that the housing market rebound is for real. The climb upward started in 2011 and has been moving consistently upward since then. If you have been waiting for the market to improve your wait may be over. If you have been waiting for the value of your house to increase so you can buy, it is important to understand that the value of the house you want to buy is also moving upward.
The trick is sell and buy when you can get out of your home and into a new one at the right time. In order to sell your home you can plan on approximately 8% above the price of you home to handle closing costs and real estate commission.This means that if your home is sold for $200,000 you would net around $184,000 after everything is paid.
Sellers Market
We are currently in what is known as a “sellers market” this happens when there are not enough homes to satisfy the buyers currently looking for houses. This also means that sellers are not having to drop their price very much to get it sold. In March 2013 houses sold for 95.8% of asking price, this is up from last years figure of 94.5%. There is a limit on the amount a person can sell their house for. Homes can only sell for what they will appraise for, unless the buyer is a cash buyer. In some cases a person could sell their home for a higher price if it would appraise for more. As mentioned previously a cash buyer could pay more for a house than it will appraise for, but cash buyers don’t usually pay more than they have to for real estate. Some cash buyers will get an appraisal to make sure they are not over paying for a house especially when the market is so volatile.
Yesterday’s News
Unfortunately, we are now half way through May and we are just receiving the March report. The good news is things still seem to be moving in the same direction. Given the upward trend of the market it would seem that the growth is here to stay. So even though the report is a couple of months old, the trend still seems to be consistent with what we are seeing today. Long story short, the real estate market is strong and seems to continuing on as it has since June 2011.
