As Realtors, we get asked this question A LOT. Here are five factors to consider:
1. This year is a great time to list a home for sale. Asking prices are up almost 6% since last year. Source: Trulia’s Price & Rent Monitor, February 2013
2. The cost of renting is climbing faster than the cost of buying. Rents are expected to rise 50 percent more than home prices this year. Source: Fannie Mae’s National Housing Survey, January 2013
3. The economy is getting healthier by the day. As of February 2013, 72% of U.S. metropolitan markets have shown six consecutive months of economic growth. Source: Dan Green, MortgageReports.com, January 2013
4. Buying now could mean a lower mortgage rate. Since January 1, conforming mortgage rates are higher by nearly one-quarter percentage point. Source: Dan Green, MortgageReports.com, February 2013
5. Homes are moving more quickly. In January of 2013, the average days on market in the Charlottesville and Albemarle area was 106 vs. 127 in January of 2012. There we also only 73 homes sold in January of 2012 vs. 88 in 2013.
Ready to list or buy? Contact Silvergate Realty to help get you started!