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Don’t Wait- 5 Reasons to Sell Now

September 30th, 2014 Listed Under: Mortgage Loans, Real Estate

I thought everybody sold in the spring, so why would I sell my home now?  Here are 5 reasons!

Affordability Will Go Down!

Interest rates are going up, and what that means to you is that in the spring,  fewer people will be able to buy your house, and once it is sold,  you will be able to buy less in the spring at higher rates.   Check out this chart.monthly payments

So if you could afford a $2,026 mo mortgage payment today, when rates hit 5.5%, you could only afford a $360,000 mortgage, 10% less.  That goes for the Buyers of your house, and when you again become a buyer, it hits you too! When I bought my first home, interest rates were 11.5%, and on over $50,000 /year income I qualified for an $86,000 mortgage. Ouch.  No one expects rates like that, but 5.5 and 6.5 are easily in range once the Federal Reserve begins raising rates to their historical levels.

Demand is still Very Strong

Reviewing the last 30 days of sales in the Charlotte MLS,  I found that 26% of the homes sold in 14 days or less! 37% in 30 Days or less. And the 26% that sold in 14 days or less, they sold at a median price of 99% of Asking Price. There are very good buyers out there.  Charlotte home prices have risen for more than 24 consecutive months.

Less Competition

“Everyone knows” you put your house on the market in the spring when there are the most buyers… hmmm  We have fewer listings on the market than in the spring, so less for Buyers to choose from… so the fall Seller, with lower inventories will get on average higher prices than in the higher inventory spring market, does that make sense?  It is supply and demand, the lower the supply (home inventory) the higher the price.

This is especially important if your house has a real estate “knick”. Do you back to a road? Have an unusual lot or floor plan that you think might be difficult to sell? You need to sell it in low inventory times!  

The Process Will Be Quicker

Everything seems easier in the fall,  I think that’s because there are fewer transactions and that means all the people involved, inspectors, mortgage processors, attorney’s and their para legals, all of them can give better attention to your file. Deals generally go a bit more smoothly in the all important time from Contract to Closing.

It is Time to Move On With Life   speedboat on Lake norman

You have decided to sell, so what is the reason in the first place? Why wait for spring, even if you could make a few more dollars, is that more important than your reasons for selling?   Move up to the bigger house your family needs for the holidays? Yes that is still possible, though just possible. That place at the beach?  How about buying your first home? What a great tax deduction closing costs can be on your 2014 return! Speaking of taxes, if you lived in your house at least two of the last five years, your gain is tax free. TAX FREE! Now that is good news.

We sell  homes every month of the year in Charlotte, and the fall is no exception.  We love new listings in the fall, and are quite happy to market the heck out of them and get them sold.  Four out of five reasons above apply to home Buyers as well. Get your free home valuation online here, or call Terry direct at 704-390-6221 for a more precise estimate of value.  tm

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Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

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The McDonald Group
Wilkinson and Associates ERA Powered
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-390-6221 Cell
704-393-0048 Office
Licensed in NC & SC
USAA Certified
ERA Luxury Home Certified

Charlotte Communities Online

Terry McDonald [email protected]   704-351-1519

Bobby McDonald [email protected] 704-351-1519