As a seller statistically fall is the second best time to list your home. As we move into the winter months and the holidays, things usually slow down a little and sales decrease. However, with the low inventory of homes on the market in our area, NOW may be the perfect time to list your home.
In Ada County in 2011 from January to October, 5492 homes sold compared to 6370 for the same period of time in 2012. We have increased sales more than 14% year to date. In addition to that our average home sales price has increased from $176,750 to $190,120 which is an increase of over 7%. In 2012 every month of the year has shown an increase of number of homes sold versus the same month in 2011.
This is great news for the housing market. It’s also great news for sellers AND with the current interest rates, the buyers are still getting more of a house for the same monthly payment as they were able to two years ago.
For many people, the question remains, “How quickly will my home be absorbed into the market if I list it right now?” In general, Ada County is selling 400 homes a month under $200,000 with only 2 months of inventory; 150 houses a month from $200,000 to $300,000 with 2.7 months of inventory; and 87 homes a month from $300,000 to $500,000 with 4 months of inventory.
Your Realtor can help determine how quickly your home will be absorbed based on where the home is located in Ada County, what is happening in YOUR neighborhood, and pricing your home at the correct MARKET VALUE price.
So should you list your home now or in the spring? This becomes a personal decision that you can add market statistics to so you are able make the best decision for you and your family. We know that buyers are out looking for homes for both their primary residence and as investment property. They want to take advantage of the low interest rates to get as much house as they can for as little interest as possible. We know that in Ada County, inventory is low and demand is high.
Will the interest rates remain low? Will the housing prices continue to increase? Will you have more competition in the spring? Will you be able to get into the house you would like if the market rises and the interest rate rises? We would all love to have a crystal ball, but searching to understand your own motivation to sell as well as looking at current market data could lead you to the answer sooner rather than later.