Wednesday, May 1, 2019

Why to Sell Your North Shore Home This Spring

If you’ve been wanting to sell your North Shore home, but have been putting it off, you’re not alone. There is a lot of pent-up seller demand! As your North Shore real estate agent, I am here to help you understand why this spring season might be the ideal time for you to sell and accomplish your real estate goals in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, and other North Shore communities.

In the latest Seller Traffic Index released by the National Association of Realtors, home seller activity is weak nationwide, with only 11 states showing stable levels of seller traffic. The number of people that moved last year was half of what it was in the 1980s.

The amount of time a homeowner remains in their house has gotten longer as well. It used to be an average of six years from 1985 to 2008; now it is up to 9.5 years.

The economic downturn of 2008 played a big part, when homeowners found themselves in negative equity as home values dropped. Homeowners have been waiting for equity levels to rise. Now that they have, and home values are high, mortgage rates have also been increasing. Sellers have been waiting for interest rates to decrease before buying another home.

The conditions are perfect to sell now! Mortgage rates for 30-year fixed rate mortgages are around their lowest levels since January 2018. For anyone who would like to buy another home after they sell, or anyone buying for the first time, this is great news.

Because of the positive market conditions, 69 percent of people now believe that it’s a good time to sell a home, according to a NAR report. That means that the North Shore real estate market could see a major increase in listings soon!

North Shore homebuyers are ready. With lower interest rates, increased wages and signs of a strong economy, buyers are eager to buy now, before home prices increase more and interest rates increase again. If you list your North Shore home now, before the influx of listings, you could have a fast sale for a great price. If you wait, you might have a lot more competition from other sellers.

If you’d like to move up to your dream home, now is also the best time to sell, so you too can score a great interest rate while they remain low.

If you’d like to sell so you can downsize, retire or move closer to work or family, why wait? Home values are at a great place right now, and buyer demand is high. The sooner you sell, the sooner you could be settled into your new home for summer.

If you’ve got questions about the home-selling process or about market conditions on Chicago’s North Shore, I am here for you! As your North Shore real estate agent, I can answer any questions you may have, and I will guide you through the entire home-selling process. Give me a call today!

Janie Bress
Your North Shore Real Estate Expert

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