McLain Realty Team Best Time to put a House on Market
The best time to sell a house is a matter is based on Market Conditions.
With the Fed increasing interest rates, more buyers will be taken out of certain affordability price ranges. In New Jersey, the market still favors Home Sellers. This makes right now, Spring 2022, the best time to sell a home. The Federal Reserve is slated to increase the interest rates more in the coming months.
The best time to sell a house is a matter is based on Market Conditions.
With the Fed increasing interest rates, more buyers will be taken out of certain affordability price ranges. In New Jersey, the market still favors Home Sellers. This makes right now, Spring 2022, the best time to sell a home. The Federal Reserve is slated to increase the interest rates more in the coming months.
Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December:
To clarify, deceleration is not the same as depreciation. Acceleration means prices rise at a greater year-over-year pace than the previous month. Deceleration means home values continue to rise but at a slower pace of year-over-year appreciation. Depreciation means prices drop below current values. No one is forecasting that to happen.
In fact, the FHFA revealed that price appreciation accelerated in December in six of the nine regions it tracks. Case Shiller showed that appreciation accelerated in 15 of the 20 metros they report on. As Selma Hepp, Deputy Chief Economist at CoreLogic, explains:
“After some signs of slowing home price growth . . . monthly price growth re-accelerated again, indicating home buyers have not yet thrown in the towel.”
What Does This Mean for You? Are New Jersey Home Prices Going to Continue to Rise?Whether you’re a first-time purchaser or someone looking to sell your current house and buy a home that better fits your needs, waiting to decide what to do will cost you in two ways:
Home prices should continue to appreciate at double-digit levels for some time.
If you wait, rising mortgage rates and high home price appreciation will have a dramatic impact on your monthly mortgage payment.
Bottom Line
Maybe the best thing to do is listen to the advice of Len Kiefer, Deputy Chief Economist at Freddie Mac:
“If you’re thinking about waiting until next year and that maybe rates are higher, but you’ll get a deal on prices – well that’s risky. It may be more advantageous to purchase this year relative to waiting until 2023 at this time.”
John McLain 908.878.9356 McLainRealtyTeam@gmail.com
Firstly, any Millennial and First Time Home Buyers are lost when it comes to Real Estate. Trying to Figure out the Real Estate Market can be daunting. Especially the current one we are in. Secondly it takes a Team to get you the Home You Want!
We Specialize in Helping First Time Millenials Buying Real Estate
Finding a home is tedious, when the average days on market is only 14. This is why the McLain Realty Team specializes in working with Millenial Home Buyers Minds are at Ease. Our Team gets buyers the home they want and at the Price and Terms they want. But that is not all. Finally, we offer our Exclusive Program. Our 2 Year Love It or Leave It Guarantee! When a Millenial Home Buyer purchases a home through our team, and doesn’t love it, we will buy it back or sell it for free!* Our goal is to provide you with the information you will need to make the best decision for you in regards to homeownership. We will break down the myths and stereotypes that have long been believed to be true. We also will shed light on the opportunity you have to build wealth using your monthly housing cost.
Call us Today is you are feeling lost.
McLain Realty Team of RE/MAX 365 John McLain-Owner 908-878-9356
At RE/MAX 365 We cover the entire state of NJ from Cape May to Bergen County!
Firstly, the number of building permits issued for single-family homes is the best indicator of how many newly built homes will begin to come to market over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Construction Report, the number of building permits issued in January was 1,551,000. This is a 9.2% increase from December.
How will this impact buyers?
New inventory means more options. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR),explained how this is good news for the housing market – especially for those looking to buy:
“More construction will mean more housing inventory for consumers in the later months of this year…Spring months could still be quite tough for buyers since it takes time to convert housing starts into actual housing completions.”
How will this impact sellers with New Construction Homes in NJ.
More inventory means more competition. Yun continues to say:
“As trade-up buyers move into these newly completed homes in the near future, their existing homes will be released onto the market.”
Today, because of the tremendous lack of inventory, a seller can potentially anticipate:
A great sale price on their house as buyers engage in potential bidding wars.
A quick sale as buyers have little inventory to choose from.
Fewer hassles as buyers want to smoothly secure a contract.
If you’re considering selling your house, you’ll want to list sooner rather than later. This way, you’ll get ahead of this new competition coming to market and ensure the most attention toward your listing and the best price for your house.
Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition.
So, why sell your home this Winter? Less competition.
Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months supply of listings from the National Association of Realtors.As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January).
Temperatures aren’t the only thing that heats up in the spring – so do listings!In 2018, listings increased from December to May. Don’t wait for these listings and the competition that comes with them to come to the market before you decide to list your house.
Added Bonus: Serious Buyers Are Out in the Winter
At this time of year, purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping.
Bottom Line
Finally, If you’ve been debating whether or not to sell your house and are curious about market conditions in your area, let’s get together to determine the best time to list your house.
Ask for more Information in regards to Listing your Home for Sale This Winter with #REMAX365 #McLainRealtyTeam
RE/MAX 365 John McLain McLain Realty Team REMAX365NJ@Gmail.com NJGUARANTEEDSALE.COM
Americans continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that:
“Owning a home remains a core element of the American Dream.”
When asked “How important a part of the American dream is owning a home?”
18% of those surveyed said it was the most important part
53% of those surveyed said it was very important
22% of those surveyed said it was somewhat important
Homeownership and Financial Stability
The survey also revealed that 81% of Americans believe that owning a home leads to a family being more financially stable. This feeling was reiterated by Zillow Senior Economist Aaron Terrazas who, in a recent press release, explained:
“After about a two-year slowdown, rent growth is starting to pick back up across the nation…Looking into 2018, rent is expected to continue gaining.
More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.” (emphasis added)
Bottom Line
Owning a home always has been, and always will be, a crucial part of attaining the American Dream.
Blog by: John McLain
Our Award Winning Marketing Systems and Innovative Consumer Programs Guarantee the Results you Expect and Deserve!
You Home Sold in 66 Days, Guaranteed, or I will Personally But It Myself! www.GuaranteedSaleNewJersey.com This is EXCLUSIVE to the McLain Realty Team and give you complete peace of mind, We eliminate the biggest Catch-22 in Real Estate!
When you buy a home through myself, or anyone on my team and are not 100% in love with it for ANY reason within 24 months after closing, I will personally buy it back or sell it for free! It is the Exclusive 2 Year Love It or Leave It Program! www.2YearLoveItorLeaveIt.com
McLain Realty Team – Broker 908-878-9356 mclainhomesellingteam@gmail.com www.SearchAllNJhomes.com
CoreLogic’s latest Equity Report revealed that “over the past 12 months, 712,000 borrowers moved into positive equity.” This is great news, as the share of homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today.
The report also revealed:
The average homeowner gained approximately $14,900 in equity during the past year.
Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties.
U.S. homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year.
The map below shows the percentage of homes by state with a mortgage and positive equity. (The states in gray have insufficient data to report.)
Significant Equity Is on The Rise
Frank Nothaft, Chief Economist at CoreLogic, believes this is great news for the “housing market.” He went on to say:
“Homeowner equity increased by almost $871 billion over the last 12 months, the largest increase in more than three years. This increase is primarily a reflection of rising home prices, which drives up home values, leading to an increase in home equity positions and supporting consumer spending.”
Of the 95.1% of homeowners with positive equity in the U.S., 82.9% have significant equity (defined as more than 20%). This means that more than three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.
The map below shows the percentage of homes by state with a mortgage and significant equity.
Bottom Line
If you are one of the many homeowners who are unsure of how much equity you have in your home and are curious about your ability to move, let’s meet up to evaluate your situation.
Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
Perhaps the time has come for you and your family to move on and start living the life you desire.
We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons.
No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.
1. Owning your home offers stability to start and raise a family
From the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.
2. There’s no place like home
Owning your own home offers you not only safety and security, but also a comfortable place that allows you to relax after a long day!
3. You have more space for you and your family
Whether your family is expanding, an older family member is moving in, or you need to have a large backyard for your pets, you can take this all into consideration when buying your dream home!
4. You have control over renovations, updates, and style
Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to finally adopt that puppy or kitten you’ve seen online 100 times? Who’s to say that you can’t in your own home?
Bottom Line
Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.
