5 Reasons Selling A Home Now Makes Sense!
Many Massachusetts home owners are currently waiting until Spring to put their home on the market. The thought process usually involves traditional thinking that everything always looks best when the grass is green and flowers are in bloom. A home will surely be easier to sell if that is the case correct?
This of course is true but your competition will also be using the same logic. Every year a ton of people will wait until Spring to put their home up for sale. All at once there will be a massive influx of housing hitting the Massachusetts Multiple listing service. In the Metrowest Massachusetts area there are compelling reason why now is the time to get your home ready sooner rather than later! Here are five reasons why you should list your Massachusetts home for sale now!
Home Inventory at Record Lows
The inventory of homes for sale all around the Metrowest Boston area have dropped substantially over the last six months. The amount of homes for sale in most communities have fallen to lows we have not seen for many years! When home inventory levels drop home prices tend to rise. This will become even more prevalent in a popular neighborhood where buyer competition is high. Through out many Massachusetts towns this Spring there are more than likely going to be bidding wars. We have already started to see this trend on homes hitting the market now.
Demand is Up
Contrary to what some people may think there are lots of buyer’s out in the market place right now looking for a home. Some are first time buyer’s who are looking for a place to build some equity. There are others who see an opportunity to “move up” in the market as home prices have dropped substantially since the market peak in 2005.
Renting vs Buying
In many areas the cost of renting vs buying a home has become the same and in some cases it is actually cheaper to buy a home. Rents in many locales have steadily increased over the last 5-7 years while home prices have dropped. If you factor in the potential benefits of building equity and some tax breaks with home ownership, you can see why it might make sense for some who have plans to stay in one spot for the long term.
Interest Rates Going Up
Interest rates are at record lows at the moment and most economists predict they won’t stay that way for too much longer into the foreseeable future. While interest rates are not predicted to move up dramatically, even time they inch up a half a point they can knock out a percentage of first time home buyer’s out of the market. The first time buyer’s fuel the rest of the market like dominoes.
New Construction Coming Back
In some Massachusetts communities builders are starting to get back into the fray. When builders are actively building homes it becomes harder for some who are selling their used homes to compete. There are many that will jump at the chance to have a shiny new home with all the bells and whistles customized to their specific needs.
In summary if there are no time constraints on your part you should consider moving up your time frame for putting your home up for sale. Some of the towns West of Boston that have been really hot and have an extreme shortage of housing include Hopkinton, Framingham, and Franklin. Each of these communities are quite different from one another but all share the commonality of being hot places to live. If you happen to live in the Metrowest area and are considering selling your home, you may be one step ahead of the competition by going ahead now!