Believe it or not, it's a good time to sell

In case you haven't noticed, Winter is winding it's way to a close and Spring is just around the corner. And as plants get ready to end their restless slumber and spring forward into the air, home buyers are stirring too. Spurred on by forecasted changes in mortgages rates and pending changes in FHA rules and costs, home buyers are seeking to get a home before the prices have fully recovered and while mortgage rates remain at their historic lows.

What they are finding is this: There aren't a lot of homes on the market.

While new home sales are starting to pick up again, builders remain cautious and many homeowners are still underwater on their mortgages making selling their home something that they are not optimistic about. The nation now has a 4.2 month supply of homes on the market; meaning that if sales continued at their current rate, we would be out of homes in 4.2 months.

Nationwide, nearly 28% of homeowners owe more than their home is worth, according to data from market watcher Zillow. And if you look at homeowners who don't have at least 20% in equity, that number climbs to 45%. So what does this mean for you?

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For buyers

If you have been thinking that now is the time to get the best mortgage rates and better pricing per square foot on a home of your own, you are right. The market made a lot of gains last year but homes can still be found that are a great deal and the low mortgage rates mean that you can afford more home for your monthly payment. Some buyers who wouldn't have even been able to qualify for a mortgage of $250,000 because of interest rates making their monthly debt too high five years ago are finding that they CAN qualify because the payments are actually less than what many of them are paying for rent. It's still a great time to buy, but if you see that home that meets 90% of your needs, you better jump on it, there just aren't a lot homes out there and finding that "perfect" home in the price range you can afford isn't likely to happen. 

For Sellers

If you have some equity or just have a real reason to move, then you shouldn't wait. You are much more likely to get close to your asking price now than if you wait until the market picks up in Spring and Summer and the competition grows. Although many buyers are aware of the lack of inventory, they are not wanting to wait and maybe miss a chance to make a great buy at a low interest rate. Listing now can make you one of the few homes available that many buyers are in competition for. Add that to the fact that the REO or distressed home market (those in short sales or foreclosures) is drying up, and you have an opportunity to snag that smart buyer who knows today's market conditions won't last. 

Click here to see what your Charlottesville Home is Worth

For the complete article in USA TODAY, click here

Call me for more information on making the market work for you,

Quinton Beckham
Keller Williams Realty
434.242.6212
www.select-homes-charlottesville.com