Is Now a Good Time to Sell?

Watch the news for a little while, and it’s easy to become confused about what’s going on with real estate. Is now a good time to sell? Are prices going up, staying the same, or going down? What is actually going on?

 

The first thing to remember is that all real estate is local. No matter what’s going on at the national or even state level, there are exceptions and here on the Emerald Coast, we rarely follow national trends. That being said, there are a few things to be aware of that are making national news and may lead you to wonder if you should sell now or in the future.

 

Seller and Buyer Confidence is Down

 

Fannie Mae just released the results of a survey called the Home Purchase Sentiment. They surveyed 1,000 Americans across the country and asked how they feel about buying or selling a home, among other questions. The results were a little startling:

 

• Confidence that now is a good time to sell went down eight percent.
• Confidence in keeping your job went down seven percent.
• Only 33 percent of Americans believe now is a good time to buy.

 

Here on the Emerald Coast, inventory is tightening up in some areas for single family homes. This means that good properties that are priced right will be highly competitive. Sellers who get their home ready and put it on the market at the right price may see a few things: multiple offers, full-price and above-asking-price offers, quicker closings.

 

Prices Aren’t Dropping in Florida Anytime Soon

 

Another study released recently is the Spring 2016 Housing and Mortgage Market Research report from Arch Mortgage Insurance Company (Arch MI). They studied the possibility of price declines over the next two years. Nationally, the possibility of price declines will be about five percent. Here in Florida, between two and three percent.

 

The chances are really good that home prices here on the Emerald Coast will continue to go up incrementally. This is good news if you want to sell your home now or in the next year or so. Of course, for buyers, it’s better to get that offer in sooner rather than later to avoid paying more. Either way, the news is favorable for sellers. The states with the highest risk of declining home prices are North Dakota, Wyoming, West Virginia, and Alaska.

 

It’s projected that two million jobs will be created this year, and the March numbers from the Bureau of Labor Statistics show that job creation is still going strong. While we may never see the type of growth from 2004/2005 (and we probably shouldn’t), prices are on the rise, and for anyone looking to sell, this may be the perfect time to put your home on the market.