Should I Buy Now? Or Wait Until Next Year?

Some Highlights:

• The cost of waiting to buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
• Freddie Mac predicts interest rates to rise to 5.2% by the third quarter of 2019.
• CoreLogic predicts home prices to appreciate by 5.1% over the next 12 months.
• If you are ready and willing to buy your dream home, find out if you are able to!

How Much Can I Afford to Spend When I'm Buying My First Home? Like, Really.

You're finally ready to take the plunge and become a homeowner! But just how much house can you afford? Just because your mortgage lender approves you for a certain amount, you don't have to spend that much. You're the one that has to make the mortgage payment every month, so it should be one you can live with.

Here are some things to think about before you get to that final number...

Overall Cost of Living

Sure you might be able to afford a larger mortgage payment than what you're paying in rent right now. But don't forget you'll need to have an emergency fund in case the water heater breaks, your pipes explode (not as exciting as it sounds!), or you need some upgrades. You also have to factor in homeowners insurance (which will likely be added to your mortgage payment every month) and furnishing your new place.

Even if your new place is the same size as the one you were renting, you're going to want new stuff. Why? Because now it's your place. 

Think about how all your monthly expenses are going to change when you're a homeowner. Homeowners have expenses that renters don't.

Lifestyle

Do you love to travel? Are you an insatiable foodie? If you have expensive hobbies, or even reasonably priced ones, you’re going to need money for them. Would you rather live frugally in a larger home or spend more of your income on fun? Remember, your monthly expenses are going to be more than just your mortgage payment. If you love tennis, but you're paying so much for your home that you can't find money in your budget to replace the strings on your racket or buy a new pair of tennis shoes, you probably won't be happy.

Do you like to party? Partying at home instead of in a bar is definitely cost effective, but you better be able to afford to invite the neighbors, so they don't call the cops. 

Other Debts

What does your debt landscape look like? It might seem like you have extra cash to spend on a home every month, or even that you could afford to buy a house for what you're already paying in rent. But would that money be better spent paying off student loans, credit card debt, or your car? Once you’re debt free (and have something in savings), being a homeowner will be a lot more relaxing, and you might even be able to afford more house. 

How Much House Do You Need?

Do you plan on raising a family in this home or will it just be you? No one expects you to say exactly how many children you want and when -- and don't even try, because advice columns are full of questions from people who made definitive statements about that, changed their minds, and are married to someone who wants to stick to the original plan. Do you need a five bedroom house for a family of three or would you be more comfortable in something smaller? And we're not arguing with you: If you love to have houseguests, or if it looks like an elderly parent may have to move in with you sooner rather than later, you need more room.

If you buy just what you need, you'll be able to pay off your mortgage quicker, build equity sooner, and put more money into savings for the future. 

Doesn't that sound like a nice plan? Your home should fit into your budget, not destroy it. 

The Cost of NOT Paying PMI

Saving for a down payment is often the biggest hurdle for a first-time homebuyer as median incomes, rents, and home prices all vary depending on where you live.

There is a common misconception among homebuyers that a 20% down payment is required, and it is this limiting belief that often adds months, and sometimes even years, to the home-buying process.

So, if you can purchase a home with less than a 20% down payment… why aren’t more people doing just that?

One Possible Answer: Private Mortgage Insurance (PMI)
Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.
Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. The monthly cost of your PMI depends on the home’s value, the amount of your down payment, and your credit score.

Below is a table showing the difference in monthly mortgage payment for a $250,000 home with a 3% down payment and PMI vs. a 20% down payment without PMI:

The first thing you see when looking at the table above is no doubt the added $320 a month that you would be spending on your monthly mortgage cost. The second thing that should stand out is that a 20% down payment is $50,000!

If you are buying your first home, $50,000 is a large sum of money that takes discipline and sacrifice to save. Many first-time buyers save for 5-10 years before buying their homes.

To save $50,000 in 10 years, you would need to save about $420 a month. On the other hand, if you save that same $420 a month, you could afford a 3% down payment in less than a year and a half.

In a recent article by My Mortgage Insider, they explain what could happen in the market while you are waiting to save for a higher down payment:

“The time it takes to save a (larger) down payment could mean higher home prices and tougher qualifying down the road. For many buyers, it could prove much cheaper and quicker to opt for the 3% down mortgage immediately.”

The article went on to say,

“Since renters typically devote a higher percentage of their income to housing than homeowners, providing flexible down payment options can help renters with solid earnings purchase a home – and gain a fixed-rate mortgage with principal and interest payments that will not increase over the life of the loan.”

If the prospect of having to pay PMI is holding you back from buying a home today, Freddie Mac has this advice,

“It’s no doubt an added cost, but it’s enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.”

Based on results of the most recent Home Price Expectation Survey, a homeowner who purchased a $250,000 home in January would gain $50,000 in equity over the next five years based on home price appreciation alone (shown below).

Bottom Line

If you have questions about whether you should buy now or wait until you’ve saved a larger down payment, meet with a professional in your area who can explain your market’s conditions and help you make the best decision for you and your family.

What's the Deal With Reverse Mortgages?

You've seen the television commercials. A well-known actor sings the praises of reverse mortgages and promises fast debt relief if you agree to one. But what is a reverse mortgage? Do you qualify for one? When should homeowners consider a reverse mortgage?


What Is a Reverse Mortgage?
A reverse mortgage is a loan available to homeowners who are age 62 or older. A lender agrees to pay you an amount each month based on a portion of the equity in your home. Each month, you receive a payment based on this amount. As long as the borrower remains in the home, the loan doesn't have to be repaid. However, when the borrower moves from the home, the loan must be repaid. Typically, the home is sold and the proceeds repay the loan.


Who Might Benefit From a Reverse Mortgage? 
Reverse mortgages are available to people age 62 and older for a reason: Many of them face high medical bills. Some people facing terminal or chronic illnesses have only the equity in their homes as their primary asset. For these people, a reverse mortgage may provide the cash needed to pay outstanding medical bills — while letting them remain in their homes.

Reverse mortgage payments, according to the Federal Trade Commission, typically do not affect Social Security or Medicare coverage. You can still receive both even if you are tapping into a loan based on your home's equity.

What Are the Drawbacks of Reverse Mortgages?
Banks need to make money off of the transaction, so they charge fees and interest for reverse mortgages. These fees are added to the loan amount. Consequently, when the final repayment is due, it may be considerable. Additionally, the interest rate is often variable instead of fixed. Over time, rising interest rates may add greatly to the cost of a reverse mortgage.

Because you'll still own the title to your home, you're responsible for its upkeep and maintenance. Bills for repairs must be paid and the home must be kept in good condition to satisfy the loan.


How Does a Reverse Mortgage Impact Estate Planning?
When the borrower dies, some reverse mortgages allow the surviving spouse to remain in the property without penalty. Others do not. It's important to check the fine print to make sure your spouse isn't going to be left homeless after you pass away.

If you're single, divorced or widowed, your estate must repay the entire cost of the loan, including the accumulated interest. Usually, the home must be sold to cover these costs. If you are hoping to leave your home to someone, a reverse mortgage may make that impossible.

There are several types of reverse mortgages, each with its own rules and requirements. Be sure to read everything in the documents presented to you by the lender and discuss the situation with your spouse and a financial professional. Reverse mortgages offer financial relief to some and nightmares to others. Also, rules and options are always changing, so consult with a financial professional before making a decision.

How Much Has Your Home Increased in Value?

Home values have risen dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report, they revealed that national home prices have increased by 6.2% year-over-year.

CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.

The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from July 2017 to July 2018 (the latest data available). 

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor which determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning to list your home for sale in today’s market, find a local agent who can explain exactly what’s going on in your area and your price range.

Does your home have the space you need! Let's get you in one that does! *Check out my Featured Homes, as they’re selected for their quality and amenities.

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Perhaps the time has come for you and your family to move on and start living the life you desire. timgrissett.com #Atlanta #ChapmanHallRealtors #Sellers #realestate

Is the Real Estate Market Finally Getting Back to Normal?

The housing market has been anything but normal for the last eleven years. In a normal real estate market, home prices appreciate 3.7% annually. Below, however, are the price swings since 2007 according to the latest Home Price Expectation Survey:
After the bubble burst in June 2007, values depreciated 6.1% annually until February 2012. From March 2012 to today, the market has been recovering with values appreciating 6.2% annually.

These wild swings in values were caused by abnormal ratios between the available supply of inventory and buyer demand in the market. In a normal market, there would be a 6-month supply of housing inventory.

When the market hit its peak in 2007, homeowners and builders were trying to take advantage of a market that was fueled by an “irrational exuberance.”
Inventory levels grew to 7+ months. With that many homes available for sale, there weren’t enough buyers to satisfy the number of homeowners/builders trying to sell, so prices began to fall.

Then, foreclosures came to market. We eventually hit 11 months inventory which caused prices to crash until early 2012. By that time, inventory levels had fallen to 6.2 months and the market began its recovery.

Over the last five years, inventory levels have remained well below the 6-month supply needed for prices to continue to level off. As a result, home prices have increased over that time at percentages well above the appreciation levels seen in a more normal market. 

That was the past. What about the future?

We currently have about 4.5-months inventory. This means prices should continue to appreciate at above-normal levels which most experts believe will happen for the next year. However, two things have just occurred that are pointing to the fact that we may be returning to a more normal market.

1. Listing Supply is Increasing

Both existing and new construction inventory is on the rise. The latest Existing Home Sales Report from the National Association of Realtors revealed that inventory has increased over the last two months after thirty-seven consecutive months of declining inventory. At the same time, building permits are also increasing which means more new construction is about to come to market. 

2. Buyer Demand is Softening

Ivy Zelman, who is widely respected as an industry expert, reported in her latest ‘Z’ Report:

 “While we continue to expect a resumption of growth in resale transactions on the back of easing inventory in 2019 and 2020, our real-time view into the market through our Real Estate Broker Survey does suggest that buyers have grown more discerning of late and a level of “pause” has taken hold in many large housing markets.
Indicative of this, our broker contacts rated buyer demand at 69 on a 0- 100 scale, still above average but down from 74 last year and representing the largest year-over-year decline in the two-year history of our survey.”

With supply increasing and demand waning, we may soon be back to a more normal real estate market. We will no longer be in a buyers’ market (like 2007-February 2012) or a sellers’ market (like March 2012- Today).


Prices won’t appreciate at the levels we’ve seen recently, nor will they depreciate. It will be a balanced market where prices remain steady, where buyers will be better able to afford a home, and where sellers will more easily be able to move-up or move-down to a home that better suits their current lifestyles.

Bottom Line

Returning to a normal market is a good thing. However, after the zaniness of the last eleven years, it might feel strange. If you are going 85 miles per hour on a road with a 60 MPH speed limit and you see a police car ahead, you’re going to slow down quickly. But, after going 85 MPH, 60 MPH will feel like you’re crawling. It is the normal speed limit, yet, it will feel strange.


That’s what is about to happen in real estate. The housing market is not falling apart. We are just returning to a more normal market which, in the long run, will be much healthier for you whether you are a buyer or a seller.

10 Terms You Should Know

If you're in the market to buy your first home, one of the best things you can do is get your real estate vocabulary in gear. Why? Because words matter, and soon you'll need to know your real estate lingo to talk wisely, and with confidence, about one of the most important investments you'll ever make. 

 



No need to panic. We're here to get you started with some of the more important terms.
Ready, Set, Go:

1. Adjustable-Rate Mortgage (ARM) – A type of mortgage with an interest rate that adjusts after an initial period of time — typically 3, 5, or 7 years — and resets periodically.  ARMs usually give you lower monthly payments at the outset, but over time your payments will change with interest rates. Learn more about ARMs.
2. Amortization Schedule - This is a very important table that outlines every monthly payment you'll make and its contribution toward equity. Equally important, it will show the real cost of the home at the end of your loan term. Learn how amortization works.
3. Annual Percentage Rate (APR) – The annual rate it costs you to borrow over the term of the loan, including the interest rate, points, fees and certain other charges you are required to pay.  The APR is the bottom-line number you can use to shop and compare rates among lenders. Be sure you understand the difference between APR and Interest Rate.
4. Appraisal – An analysis usually performed by a qualified appraisal professional who estimates the value of a property by taking current market values of similar homes and the quality of the home into account. Understand the importance of home appraisals.
5. Closing – The last step of the real estate transaction when you sign the final mortgage documents, receive title to the house, and pay all closing costs.  After a successful closing, you have a new house to call home. Check out our infographic.
6. Credit Score – A three-digit number — ranging from 350 to 850 — that represents and summarizes information from your credit report, indicating your likeliness to repay your debt.  Your credit score plays a significant role in getting approved for a loan and the interest rate you are charged — the higher your score the better. Learn more about your credit score and how you can improve it.
7. Equity – The difference between how much your home is worth and how much you owe on your home. If you owe $100,000 on your house but it is worth $130,000, you have $30,000 of equity. See how equity adds up.
8. Fixed-Rate Mortgage – A mortgage with an interest rate that does not change during the entire term of your loan.  This is the most common type of mortgage, giving you certainty and stability over the life of the loan. Learn more about fixed-rate mortgages.  
9. Points – Sometimes called discount points, these are up-front payments typically used to reduce your mortgage interest rate on the loan and obtain a lower monthly payment. A point is 1% of your loan amount, or $1,000 on a $100,000 loan. Is there a “point” in paying points?  Find out here.
10. Private Mortgage Insurance (PMI) – A monthly premium required by your lender if your down payment is less than 20%, protecting the lender if you are unable to pay your mortgage.  Get the low down on PMI.

This list just scratches the surface of housing market terminology. For a complete list of important terms from A-Z, visit our Glossary where you'll find it all

Homeowners have the advantage of forced savings through principal reduction and appreciation that renters don't enjoy.

Home Prices: The Difference 5 Years Makes

CoreLogic recently released their Home Price Index Report. One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from July 2013 to July 2018 to show how prices over the last five years have fared.
The graph below was created to show the 5-year change in price from July 2013 to July 2018 by price range.

As you can see in the graph, the highest price appreciation occurred in the lowest price range with 48% growth, while the highest priced homes appreciated by 25%. This has been greatly fueled by the lack of inventory of homes available at the lower price ranges and high demand from first-time buyers looking to enter the market.

Where were prices expected to go?

Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).

According to the Q3 2014 survey results, national homes prices were projected to increase cumulatively by 19.5% by December 2018. The bulls of the group predicted home prices to rise by 27.8%, while the more cautious bears predicted an appreciation of 11.2%.

Where are prices headed in the next 5 years?

Data from the most recent HPES shows that home prices are expected to increase by 20.0% over the next 5 years. The bulls of the group predict home prices to rise by 31.2%, while the more cautious bears predict an appreciation of 9.3%.

Bottom Line

Every day, thousands of homeowners regain positive equity in their homes. Some homeowners are now experiencing values even greater than those before the Great Recession. If you’re wondering if you have enough equity to sell your house and move on to your dream home, contact a local real estate professional who can help!

Real Estate Fun Fact (SELLERS)

As inventory decreases & demand increases, prices have been driven up. This is great news if you own a starter home and are looking to move up to a larger home as the equity in your home has risen as prices have gone up. There is a large pool of buyers searching for your home!

Smile on the Inside: Interior Decorating Ideas

Get that classic look

Trends come and go, but you don't want to be redecorating every time they do. Decorate in a sophisticated way that lasts longer and works better.

• Use the inherent character of your home to decorate! It adds authenticity to your designs. If you renovate, do so to bring out the unique flair of your home.
• Follow the rule of threes: Pair your decorations in threes to make them aesthetically appealing.
• Make rooms look bigger with white furniture, mirrors, and rugs.
• Stay under budget by focusing on whichever pieces of furniture are essential to a room—for example, a bed for the bedroom.
• Keep your curtains patternless so that they are always in fashion.
• Go colorful in your rooms! But don't go crazy—a good way to keep yourself in check is to limit yourself to three main colors.
• Always choose comfortable furniture!
• Make centerpieces with fresh fruit or flowers; plants will always be great decorations that never go out of style.
• Always shop for a rug in person—you can't feel fluff online!
• Design your child's room for them; use chairs that make reading or working fun and keep their play area tidy with hidden toy storage.
• Keep bedroom fabrics simple—let people add the texture.
• Use outdoor fabrics indoors to protect your furniture from stains, especially if you have kids or pets.
• Combine design styles to figure out your favorites for your home.
• Let your home evolve with you as you add collected items from bargain finds and travels.
• Edit your rooms! Keep them polished.

Love the little things

Sometimes a small idea can spark big inspiration.

• Use a nice tray to organize clutter on a bathroom counter or coffee table.
• Frame last year's calendar for wall art.
• Practice painting walls before you do it!
• To decorate bookshelves, use an interesting wallpaper or paint as a backdrop, then garnish the shelves with knickknacks.
• Use a little marble to accent and look expensive.
• Paint your ceiling a light color that draws the eye but isn't too loud.
• Use a patterned feature wallpaper for only one wall.
• If you have the time and energy, go to multiple stores to buy your furniture.

Play it old-school

Vintage finds can become some of the most interesting pieces in your collection. A few tips will put you on the path to success:

• Repurpose items in your home—there's nothing your guests will love more than an ingenious invention.
• When vintage shopping, do some research to find out how similar items are priced to be sure you get a deal.
• Look for unique pieces. Estate sale furniture can surprise you.
• Use reclaimed wood taken from old barns or other structures and reformulated for modern homes. It looks nicer than regular wood and gives you a story to tell!
• Make bookshelves out of farm crates.
• Install a mirror in a vintage frame.

Mix and match these tips and tricks to find out what enhances your personal style. You can never go wrong if you take your home's character and make it look authentically yours!

NAR Reports Show It's A Great Time to Sell!

We all realize that the best time to sell anything is when the demand for that item is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that right now continues to be a great time to sell your house.


Let’s look at the data covered in the latest Pending Home Sales Report and Existing Home Sales Report.

THE PENDING HOME SALES REPORT

The report announced that pending home sales (homes going into contract) are down 2.3% from last year and have continued to fall on an annual basis for seven straight months.
Lawrence Yun, NAR’s Chief Economist, had this to say:

“The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.”

Takeaway: Demand for housing is strong and will continue to grow in 2019. Without an influx of new listings for sale, pending home sales will continue to decline. Listing now means you will be able to take advantage of the demand currently in the market.

THE EXISTING HOME SALES REPORT

The most important data point revealed in the report was not sales-based, but was instead the inventory of homes for sale (supply). The report explained:

• Total housing inventory decreased 0.7% to 5.34 million homes available for sale in July
• This represents a 4.3-month supply at the current sales pace
• Sales are now 1.5% below a year ago

There were two more interesting comments made by Yun in the report:

“Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million.”

In real estate, there is a guideline that often applies: When there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation; between 6-7 months is a neutral market, where prices will increase at the rate of inflation; and more than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values. As Yun notes, we are (and will remain) in a seller’s market and prices will continue to increase unless more listings come to the market.

“Listings continue to go under contract in under a month, which highlights the feedback from Realtors® that buyers are swiftly snatching up moderately-priced properties. Existing supply is still not at a healthy level, and new home construction is not keeping up to meet demand.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market. Prices will continue to rise if a sizable supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out looking for your house.

Home Prices Have Appreciated 6.9% in 2018

Between 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home Price Expectation Survey.
Every month, the economists at CoreLogic release the results of their Home Price Insights Report, which includes the actual year-over-year change in prices across the country and their predictions for the following year.

The chart below shows the forecasted year-over-year prices for 2018 (predictions made in 2017). According to their predictions, the average appreciation over the course of 2018 should be 4.8%, which is still greater than the ‘normal’ appreciation of 3.6%.



If we layer in the actual price appreciation that has occurred this year, we can see that over the course of 2018, home prices have appreciated by an average of 6.9% and have outpaced projections all year!

What does this mean?

The tale of today’s real estate market is one of low inventory, high demand, and rising prices. The forces at work can be simply explained with the theory of supply and demand. That being said, if a large supply of inventory were to come to the market, prices may start to appreciate closer to the forecasted rate which would STILL be greater than the historic norm!

Bottom Line

If you are a homeowner whose house no longer meets your needs, now may be a great time to list your home and capitalize on the equity you have gained over the last year to make a significant down payment on your next home!

When you’re up against stiff competition, working with an experienced real estate agent who knows the local market is key

Consumers search in ranges and positioning the home properly will help it show up at the top-end of one search and the bottom-end of another.

Act Decisively

Whether it is hesitation or procrastination due to uncertainty, it can cost buyers by having to pay more for both the house and the financing.  This is one of those markets where most of the experts expect interest rates and prices will continue to rise through 2019.

The National Association of REALTORS® reports there is currently a 4.2-month supply of homes for sale which is close to the same as last year's inventory.  Normal inventory is considered to be a 6-month supply.


If during the period you're waiting to buy, the price of the home goes up by 5% and the mortgage rate increases by 1%, the payment on a $275,000 home with a 95% mortgage could be $233.80 more each and every month.  Over a seven-year period, the delay to purchase would total close to $20,000.


To act decisively, you need good information; a confused mind will not generally make a decision.  In today's market, you need to know exactly what price home you can qualify for and you need to know what kind of home you can expect for that price.  

You'll want a housing and a mortgage professional you can trust to give you the information you need to make good decisions for yourself and your family.   

We'd like to be your real estate professional and can recommend a trusted mortgage professional.

Find out if you have enough homeowners insurance to cover your house and valuables

Looking for the best return on investment on the home you're buying? Consider these factors!

5 Reasons You Should Sell This Fall!

Here are five reasons why listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! In fact, more often than not, multiple buyers end up competing with each other to buy the same homes.
Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now 

Housing inventory is still under the 6-month supply 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. However, additional inventory could be coming to the market soon!
Historically, a homeowner stayed in his or her home for an average of six years, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all that they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 44 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The abundance of inventory available in these higher price ranges has created a buyer’s market for anybody looking to purchase these homes. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!
According to CoreLogic, prices are projected to appreciate by 5.1% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life 

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you feel you should?
Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.