I have been having a certain conversation over and over again, so I thought it might be on some of your minds as well. I am told: I am just going to wait until the Spring to list my house.
Here is why you might want to reconsider that. Right now mortgage rates are still incredibly low. I feel like I have been saying for years now that they have to go up eventually. And yet we are currently at 3.44% as the average national rate for a 30 year fixed rate mortgage according to www.BankRate.com. The same website puts the 15 year fixed rate mortgage at an average of 2.72%. That is lower than inflation. There are a ton of buyers out there right now who want to take advantage of that.
As of the writing of this (October 26th), there are currently 3384 houses listed for sale on the Multiple Listing Service. That is a dramatically low number. Pendings are at 2117 houses that are currently under contract. If you have been reading my previous posts, that means that out total inventory has gone down 6% in the since late July. (5,501 as of today, 5,791 as of July 20th)
So, does it make sense to put your house on the market when you competition is going down (the inventory trend has only ever been downward from now until January 1st in the last ten years) and your buyers are more highly motivated? Or does it make sense to wait until Spring when your competition greatly increases and you have no idea where interest rates will be?
If you, or someone you know, are interested in taking advantage of these facts you can find me at RyanLynch@KW.com or 515.639.0047. I would love to show you what working with an agent who actually pays attention to all of these factors and more can do for you. Call me today.
~Ryan Lynch
