Over the last decade, there has been a lot of interest and even controversy concerning the national real estate market. WIth the economy collapse in 2008, there was a lot of wariness re-entering the housing industry. However, individuals who did ride out the economic waves or invested very shortly after the beginning of the recession have probably had the greatest gains in terms of equity growth and overall home value. If you’re looking to cash in on your home’s equity growth and either create liquid assets or invest in a new home, this summer may just be the time to do so.
While no prediction can be a guarantee, there is a lot to be said about how this summer is going to be a fantastic seller’s market across much of the nation. There are a couple really good, strong indicators that this summer is the time to sell your real estate in Santa Fe if you’re looking to make some money on your property.
While you may have thought about selling your home this last winter, you probably knew better than to do that. Not only does the housing market tend to be less competitive during the winter months, as not as many people are moving, but you also see houses stay on the market longer than during the summer. In fact, on average, homes stay on the market about 20 days longer during the winter months across the nation than during the summer. You can expect to sell a home during the summer in roughly two to three months due to competition, but if you try and sell during the “down” months, plan on adding an extra month.
In addition to the seasonality of the real estate market, general trends are indicating that this summer will be a great time to sell. During 2016, national housing market values increased roughly 6.9 percent in just one year. This year is only anticipated to increase by 2.4 percent over the entire year comparably, according to Zillow.com. While 2.4 percent is still a respectable amount of growth in the real estate market, the trend is leveling out instead of continuing to increase at the same fast pace that we’ve seen since about 2012. This means that while you may be able to make a little more on your home and then site on the overall equity, you can make a reasonable amount by selling at this potential peak.
There are a few other things to take into consideration, however. While housing markets in areas like New York, Denver, and the Bay Area may top out this summer, there is a chance that the effects don’t trickle to other cities for another year. This would mean that cities like Santa Fe may not feel the plateau in housing growth for another full year compared to larger cities with high-demand housing markets. Also keep in mind that if you plan to take the money from your real estate sale and roll it into a new home, there is a chance that you can’t find a home at an affordable price to make selling and buying in the same time frame a worthwhile option. In addition to that, while sale prices have risen, so have rent prices. The average rental has risen from $1200 nationwide to over $1400. You have to decide if renting could be even more beneficial to your finances than selling.
Selling this summer may be in the cards for you. If you’re ready to sell your Santa Fe home, contact the professionals at Berkshire Hathaway HomeServices in Santa Fe for the right help to get you the best price at the best time. Schedule an appointment with us today!