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Now is the time to sell your house

Rising interest rates causing potential buyers to act

Created date

August 20th, 2013

According to the New Jersey Association of Realtors (NJAR), home prices are rising in most markets across the state. And according to a recent report by the Otteau Valuation Group, a real estate research firm, Home purchase contracts in New Jersey soared in April, recording a 28% increase compared to one year ago. This is good news for people who want to put their house on the market now and especially for those who have been waiting for the market to improve.

Sense of urgency

We are experiencing a lack of inventory which is driving multiple offers on properties and changing it back to a seller s market, says Jarrod C. Grasso, chief executive officer of NJAR. Home affordability is greatly affected, helping to increase both the sense of urgency among buyers as well as median sales price. According to the same Otteau report, The combined effects of both higher home prices and mortgage rates in the first quarter caused home purchase affordability in New Jersey to decline in the first quarter .indicating that today s home buyers earing median income are able to afford a home that is priced 30% higher than the state s median home value. The report goes on to say that these effects demonstrate the sense of urgency among buyers, causing them to rush to take advantage of today s affordable home prices and record low interest rates. The bottom line? Don t wait, warns Laurie Williamson, real estate agent and personal moving consultant for Seabrook, an Erickson Living community in Tinton Falls, N.J. Now is the time to sell. With the recent announcements that the economy is improving, interest rates are likely to rise, causing buyers to act, she says.

Time is of the essence

Williamson encourages her clients people interested in moving toSeabrook not to put off selling and moving any longer. For someone on the priority list who has been waiting for an available apartment home, Don t pass it up, Williamson says. This is the perfect time to get a great price for your home and sell quickly so you can start enjoying the Erickson Living lifestyle. She says single-family homes priced according to the correct market analysis sell quickly. Additionally, Adult communities are selling for much higher prices, more quickly, and with multiple offers due to the market and to Hurricane Sandy, Williamson says. In this market, if a buyer finds something they like, they have to move quickly. The same goes for anyone moving to Seabrook. Sales Counselor Susan Coulson says that since time is of the essence, some people choose to move into an available apartment home now, even if it s not the floor plan they originally wanted. Nine times out of ten, they are glad they moved when they did and end up loving their apartment anyway! she says. We have more than 30 floor plans, and they are all stunning. I can t tell you how many times people tell me, My only regret is I wish I had moved sooner, Coulson says. Now they can, if they don t delay.

Home-team advantage

Those moving to Seabrook have an advantage over other home sellers: Laurie Williamson. Her services complimentary to all priority list members include recommendations of trusted real estate agents and other moving resources. As an experienced real estate agent herself, Williamson understands the market as well as the obstacles involved with selling a house and moving. She combines her expertise with that of her trusted vendors to take the burden off of people s shoulders. But the proof is in the pudding: Williamson s clients averaged 37.3 days on market, compared to an average 105 days in Monmouth and Ocean Counties for single family homes and adult communities, as of June 24.