There is no doubt that we are currently experiencing a Seller’s market here in Tampa. With 7900 homes on the market at the end of September compared to 16,000 at the end of September 2011, inventory is much lower and the market is much more competitive for buyers. If your home is priced properly you can expect to receive offers between 97-99% of your list price and potentially even have multiple offers to entertain.
If you are considering selling there are several other reasons why this may be the time. When inventory is lower prices increase which means that you stand to make more profit on the sale of your home. Depending on how much equity you have in your home this could mean that when you purchase your new home you can avoid PMI (private mortgage insurance) which can add a couple hundred dollars to your monthly payment if you purchase with less than 20% down.
Interest rates are also very attractive right now. We are still looking at rates right around 4% although there has been talk for some time that they are anticipated to rise. Not only may your new interest rate be more favorable than that on your current home but in comparison to where rates have been in the past, now may be a really smart time to make your move. To give you an idea of how great 4% is, can you believe that in 1981 an average rate was over 17%? No, that is not a typo. Some rates were up to 18.5%. When you start to wrap your head around that one, it makes it easier to appreciate where we are today.
If you are trying to decide if now is a good time to sell and you want some help determining what the value of your current home is, let me help. I will evaluate your home in person, help you with a pricing strategy and go over a seller net sheet to help you figure out what you will have to put towards your next home. Even if right now doesn’t end up being your right time, at least you will be armed with accurate information to help you in making your decision.
Contact me today for your FREE comparative market analysis.