5 Reasons to Sell in Fall 2019

Below are 5 compelling reasons 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 strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase...and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

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 that is needed for a normal market.  Here in the Portland metro area, the inventory is less than 2 1/2 months supply.  This means that there are not enough homes for sale to satisfy the number of buyers.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to make a move. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple years, for fear that they would not find a home to move to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don't wait until additional 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 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 simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae's latest Origination Insights Report, the time needed to close a loan is 43 days.  

In our local market, being pre-approved doesn't necessarily help a buyer to 'stand out' from the crowd.  It is pretty much 'required' for buyers to be pre-approved with a lender prior to submitting an offer in order to get the seller's consideration.  Using a lender who is able to close quicker, perhaps in 21-30 days, would make an attractive term in a buyer's offer.

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. There is currently ample inventory for sale at higher price ranges.  In the west side Portland metro area there are over 200 luxury homes available. This means if you're planning on selling a starter or trade-up home and moving into your dream home, you'll be able to do that in the luxury or premium market.

On a national level, home prices are projected to appreciate by 5.2% over the next year according to CoreLogic. If you're moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait.

5. It's Time to Move on with Your Life

Look at the reason you might decide to sell in the first place and determine whether it is worth waiting. Is it because you want to spend more time being with family? Is it because you want the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. 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.