Is now a good time to sell your home?
In their current edition of the Home Price Expectation Survey released last year, Pulsenomics asked this question of the 100+ economists, real estate experts and investment & market strategists they surveyed:
“In your opinion, what is the primary driver of recent home value growth in the U.S.?”
Here are the top four reasons given by those surveyed:
The current lack of inventory in most housing markets has caused home appreciation to increase at greater percentages than historical averages. This means that this is a great time to sell your home as supply is low and demand is high. Right now there are less than 400 Irvine homes for sale, with list prices as ow as $319,900 all the way up to $13,995,000.
However, things may be about to change…
The fortuitous situation sellers see themselves in may soon change for three reasons:
- As more homeowners realize their equity situation has dramatically improved over the last four years, they will be more likely to put their homes on the market.
- With the residential real estate sector outperforming a sluggish economy, more home builders will be looking to add new construction inventory to a depleted supply of housing stock. New home developments are definitely cropping up in Irvine.
- Many banks are just now foreclosing on loans that have been delinquent since the housing bust. These houses will also be coming to market.
According to Daren Blomquist, senior vice president of RealtyTrac:
“Lenders have been taking advantage of the strong seller’s market to dispose of lingering foreclosure inventory.”
My advice is don’t wait for this additional competition to hit the market. If you are considering selling your house, now may be the time.