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As we have seen, the housing market is recovering well. Prices have increased nationally by double digits over the last twelve months. The competition from the shadow inventory of lower-priced distressed properties (foreclosures and short sales) is diminishing fast. Now may be the perfect time to sell your home and move to the dream house or beautiful location your family has always discussed without missing those low-interest rates!
There is one piece of advice you may want to pay attention to: Do Not Price It!
Even though prices have increased by more than 10 percent over the last year, the acceleration of appreciation has slowed dramatically over the previous few months. For example, in their April Home Price Index Report, CoreLogic revealed that home prices depreciated by .08% this month compared to last month’s report. What is concerning is that Trulia just reported that asking prices continue to increase.
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Because investor purchases are declining and more listings are coming onto the market, sellers should be very cautious when they price their houses. The alternative might be that you could lose money by overpricing your home initially, as explained in a research study.
Though it is a great time to sell your house, pricing it right is crucial. Get guidance from a real estate professional in your marketplace to ensure you get the best deal possible.