5 Reasons to Sell Your St. Louis Home This Fall

School is back in session, the holidays are right around the corner, you might not think that now is the best time to sell your house. But with inventory below historic numbers and demand still strong, you could be missing out on a great opportunity for your family.

Here are five reasons why you should consider selling your house this fall: 

1. Demand Is Strong

The latest Realtors’ Confidence Index 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!  If you throw in the fact that average interest rates remain at historic lows, currently hovering in the very low 3’s, now is a very good time to be getting a mortgage.

If you’re considering selling, you should take advantage of the buyer activity currently in the market. Be sure to grab your free copy of my Fall Guide to Selling Your Home.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this fall.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream home within the existing inventory have turned to new construction to fulfill their needs.

You can see evidence of this throughout the St. Louis region with builders like Pulte and McBride creating new subdivisions at a dizzying pace.  McBride is currently taking applications for a massive new subdivision in Eureka with a plan for over 500 homes.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker (than if you wait)

Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007’s pace. As the market heats up, banks will be flooded with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker & simpler. 

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

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.3% over the next year, according to CoreLogic. 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 (especially if mortgage rates creep up) if you wait.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.46% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

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. While selling a home is an enormous financial commitment, it is worth evaluating your reason for moving in the first place. Are you looking to move to a better school district, to a safer area, or to a bigger house? It might be worth moving simply to upgrade your home and start living the life you desire.