According to US News, 2019 could be the best time for you to put your house on the market. If you bought your Forest Hills home in the last few years and still love it, then you should continue to stay there, but if the thought of selling your home has crept into your mind, here are three reasons you should consider making the move.
1. Demand Is Strong
According to the latest Buyer Traffic Report from the National Association of Realtors (NAR) buyer demand remains strong throughout the vast majority of the country. Buyers are ready to make a purchase now. More often than not, multiple buyers are competing with each other to buy a home. In Forest Hills, we saw an increase of 15.25% in the median sale price and 14.02% in the median list price.
2. There Is Less Competition Now
We’re still seeing the housing inventory available stay under the 6-month supply that is needed for a normal housing market. This means that there aren’t enough homes available to buyers entering the market. This is good news for homeowners who have gained equity as their home values have increased. From December 2017 to December 2018 Forest Hills homes have seen an increase in the average sell price from $531,666 to $680,000. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
3. The Process Will Be Quicker
With the market being so competitive in recent years, it has caused buyers to do all they can to stand out in front of a crowd, including getting their pre-approval for mortgage financing. This makes the process of selling faster because buyers already know how much home they can afford. In December 2018, Forest Hills homes saw an average of 96 days on the market, down from 99 in 2017.
Only you know if now is the right time for you to sell your Forest Hills home. With 2019 still being considered a sellers’ market, you have the power to take control of your situation. If the time has come for you and your family to make a move, give me a call. If you would like to get a full glimpse of what the market looks like for Forest Hills, click here to download my Forest Hills Area Report.