1) Rebate payment is made by First Team Real Estate and is credited to your benefit at the close of transaction. Purchase price must be greater than $100,000. In order to receive the 25% rebates, the home sale and purchase transactions must take place within six months of each other. Customers receive a 20% rebate if they sell or purchase a home with a First Team Agent. Southland Credit Union and First Team Real Estate are independent companies and are not related under direct or indirect management or ownership. 2) Program applies only to first lien position purchase transactions closed and funded with Southland Credit Union. Hallmark/Coast Cities Escrow is not affiliated with Southland Credit Union. Southland Credit Union NMLS# 685526.
Things to consider when selling your house
Things to consider when selling your house
If you're trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellers' market we're in today won't last forever. If you’re thinking of making a move, here are four reasons to put your house up for sale sooner rather than later.
- Your house will likely sell quickly
According to the Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly – on average, they're selling in just 17 days. As a seller, that's great news for you. Average days on market is a strong indicator of buyer demand. And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.
- Buyers are willing to compete for your house
In addition to selling quickly, homes are receiving multiple offers. That same survey shows sellers are seeing an average of 4.5 offers, and they’re competitive ones.
Realtor.com sums up the impact this can have:
“Buyers today know bidding wars are a likely outcome and they're coming prepared with their best offer in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.”
- When supply is low, your house is in the spotlight
One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though it’s improving, it remains at near-record lows. If you’re looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.
- If you’re thinking of moving up, now may be the time
If your current home no longer meets your needs, it may be the perfect time to make a move. Today, homeowners are gaining a significant amount of wealth through growing equity. You can leverage that equity, plus current low mortgage rates, to power your move now. But these near-historic low rates won’t last forever. Experts forecast mortgage rates will start to rise in the months ahead. In their forecast, Freddie Mac says, “While we forecast rates to increase gradually later in the year, we don't expect to see a rapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, rising to 3.8% by the fourth quarter of 2022.”
When rates rise, even modestly, it will impact your monthly payment and by extension your purchasing power. So if you’re considering selling your home, don't delay. The combination of housing supply challenges, low mortgage rates and extremely motivated buyers gives sellers a unique opportunity.
Will home prices continue to rise?
According to the latest CoreLogic Home Price Insights Report, nationwide, home values increased by an impressive 17.2% over the last 12 months. The dramatic rise happened when the inventory of houses for sale reached historic lows at the same time buyer demand skyrocketed as a result of near record-low mortgage rates.
Where will home values go from here?
Home price appreciation will continue to be determined by an imbalance of supply and demand. If supply remains low and demand high, prices will continue to increase, making it a great time to sell your house. Frank Martell, President and CEO of CoreLogic, explains, “Home prices have been rising in the mid-single digits for some years now. The recent surge to double-digit price jumps reflect the convergence of exceptional demand and persistent low supply.”
Home prices are rising, but they should moderate as more housing inventory comes to market. George Ratiu, Senior Economist at realtor.com, says there are signs we may see the current inventory challenges lessen, slowing the fast-paced home price appreciation and creating more choices for buyers.
“There are still fewer homes for sale than last year when we were focused on how limited supply was holding back the housing market,” said Ratiu. “On the other hand, the gap continues to shrink. This means that low inventory of homes for sale is still a problem, but we’re on pace to see inventories grow before the end of the year.”
Will the high level of buyer demand last? For over a year, low mortgage rates have powered buyer demand. While rates are projected to rise, they’re still much lower than the historical norm, which creates opportunity for homebuyers. That’s why demand is expected to remain high throughout 2021. Taking into consideration the projections on housing supply and demand, real estate analysts forecast home prices will continue to appreciate.
There’s still a very limited number of homes for sale compared to the demand from purchasers looking to buy them. As a result, home values will continue to appreciate, making this season a fantastic time to sell your current house.
Southland Credit Union & First Team Real Estate
Southland Credit Union Members have access to amazing real estate services from First Team Real Estate! First Team sells more homes in Southern California than any other real estate company. When you sign up for our Member-exclusive program, we will select an agent just for you who will work with your loan consultant to help make your home purchase go smoothly.
Home Buying and Selling Services
- Get up to a 25% commission rebate from First Team Real Estate
- Get a 20% discount on Hallmark/Coast Cities Escrow Services