2014 Illinois Home Selling - 4 Reasons to Sell Before Winter Hits

2014 Illinois Home Selling - 4 Reasons to Sell Before Winter Hits

People across the country are beginning to think about what their life will look like next year.


It happens every Fall.

We wonder whether we should relocate to a different part of the country to find better year round weather or perhaps move across the state for better job opportunities.

Homeowners in this situation must consider whether they should sell their house now or wait.

If you are one of these potential sellers, here are four important reasons to do it now versus the dead of winter.

1. Demand is Strong

Foot traffic refers to the number of people out actually physically looking at home right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last twelve months which includes the latest spring buyers’ market. These buyers are ready, willing and able to buy…and are in the market right now!

As we get later into the year, many people have other things (weather, holidays, etc.) that distract them from searching for a home. Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing supply is still under the historical number of 6 months’ supply. This means that, in many markets, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future.

Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).

The choices buyers have will continue to increase over the next few months. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. Any delay in the process is always prolonged during the winter holiday season. Getting your house sold and closed before those delays begin will lend itself to a smoother transaction.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now.

Prices are projected to appreciate by over 19% from now to 2018.

If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

You can also lock-in your 30 year housing expense with an interest rate in the low 4’s right now.

Rates are projected to be over 5% by this time next year.

Click here to search Northern Illinois Homes for Sale.

Jim Starwalt

Thinking of making a move?

Download the New Free RE/MAX Home Search App or text the word MOBILE to 224-677-2200.

Log onto my website at www.StarHomeTeam.com and search Northern Illinois Homes for sale.

Easily search Northern Illinois Homes for Sale with photos, open houses and virtual tours at StarHomeTeam.com

Jim Starwalt, Real Estate Broker
RE/MAX Center
Phone: 847-548-2625
Jim@StarHomeTeam.com

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2014 Illinois Home Selling - 4 Reasons to Sell Before Winter Hits