Are you looking to sell your Arlington home? No? Just hold on a second…there are many things going on in the Arlington Real Estate market that you may not know about. The crash that occurred back in 2006 shook everyone’s faith in the housing market. Despite the recovery that we have experienced over the past few years a lot of homeowners still remain reluctant to sell, even if they want to move up or move on. Quite simply, folks are terrified of entering the market at the wrong moment, and leaving money on the table.
This lack of confidence in the market is understandable. But, in my opinion, the current market conditions in our little corner of Northern Virginia are as ideal for sellers as I’ve ever seen them. The chronic lack of inventory over the past 12 months and the steady increase in home values makes this a perfect seller’s market, and there is no guarantee that waiting a little longer to sell will guarantee a stronger bargaining position than you have right now as a seller.
In fact, there are some distinct disadvantages in waiting to sell your Arlington home. I’ve put together a list of the top four reasons why it makes sense to sell your Arlington home now as opposed to later:
Reason #1- Interest Rates are on the Rise. We have enjoyed record low interest rates on mortgages over the last several years. This was primarily an effort to jump start the housing market. The lower interest rates made it easier for folks to afford to buy homes, and this has allowed the housing market to begin the slow process of healing. However, the past sixth months have seen interest rates gradually begin to increase. These rates are projected to continue to go up steadily over the next year and beyond.
Reason #2- Payroll Taxes Affect Future Sales. The payroll tax that provides funding to Social Security was reinstated to its 2010 high of 6.2% in the beginning of 2013, and people are starting to feel the pinch. The effect of this payroll tax increase will become more pronounced over time, so people may not be willing to pay as much for your home a few months down the road as they are right now.
Reason #3- Simple Supply and Demand Inventory has been chronically low for the past 12 months, and homes are selling more quickly right now than they have at any time in the past five years. The housing recovery has spawned a lot of new potential buyers who are actively looking for homes in Arlington and Falls Church. A lot of neighborhoods I’ve looked at recently have had zero inventory. It’s hard to imagine a more favorable selling situation that the one that exists right now.
Reason #4- Low Interest Means Buying Power With interest rates slowly rising, the big buying power that the current low rates give buyers is going to lessen in the next year. Buyers are aware of this and are looking to buy now while their buying power is still high.
Want to see the full report ‘4 Good Reasons to Sell Your Home Right Now’ with in-depth insights? Go to: http://instantbizsites.com/LouSagatov/4-reasons
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