I Want To Sell My Home? Is The Market Right To Sell?

Have you been thinking about selling your home? Been waiting for the values to rise or your local market to get better so that you can get maximum price?

As we wind down 2014 we experienced a market of many changes. We started off the year in a sellers market. With low inventory and prices at their peak. We quickly however saw a dramatic change after the first quarter of the year to a buyers market, Even though inventory was still low buyers became fewer for many reasons. Lender guidelines becoming more stringent, and loan limits in some areas lowered. For what ever reasons many buyers left the market making seller compete for the smaller pools of buyers. This resulted in properties sitting on the market longer and in mid year price reductions were the norm.

So is now a good time to sell? Will 2015 bring a better market for sellers? Although we don't see a lot that will change in 2015, Maybe the elections being concluded will instill more of a sense of security and ease minds to take on the obligation of a mortgage payment. This for sure will be a welcome change. In my opinion this is one of our biggest hurdles to overcome. 

In parts of Southern California's Inland Empire, areas like Rancho Cucamonga, Upland, North Fontana, FHA will only loan up to 355k. This is the maximum loan amount for these areas where the average price of a home is around 400K. Statistics show that over 50% of home buyers utilized an FHA loan. Does this nmean we have lost over 50% of our potential buyers in these areas? It sure appears so and explains another reason for the slow down in the market.

Should you still sell?  Absolutely! You can never know exactly what the future will bring. But, it's a good bet the new year will bring higher interest rates, making house payments less affordable. As the market slows so will home values. Inthe beginning of 2014 the low inventory spurred buyers over paying for homes just to be able to get a home, bidding wars were common raising the prices. Now properties go for months not days with no interest causing sellers to lower prices and eventually lowering values. Get your home on the market before this happens......it's already happening in some areas.

There are many reasons to sell now besides the few I mentioned. Price your home right and hire a savvy agent that will market your home. The key to getting top dollar for your home is exposure. Exposing your property to as many potential buyers as possible to find the one that is willing to pay your asking price. The beginning of the year also brough many seller to sell on thier own, For Sale By Owner. That works better in a sellers market like we had then, but, not in this market. You need to utilize an agent that specializes in marketing homes not just listing them. Also using an agent has many legal benefits and liability concerns that will side in your favor. In most cases using an agent will raise your selling price at least enough to cover your costs......SO what do you have to lose?

Here's to a great 2015 selling season!