Reason #2 – Prices Have Increased
Many homeowners may not realize it, considering how far the real estate market fell when the housing bubble burst, but in the past 12 months, prices have actually rebounded at a fairly remarkable pace.
In fact, according to the National Association of REALTORS, prices rose 11.8% year over year in March of 2013. This is the biggest yearly increase in prices since November of 2005, when the market was near its peak.
For homeowners, this incredible increase in prices means that much of the value that was lost during the housing crisis may have returned, and people who put off selling their homes are beginning to see the value of their properties arrive at levels where selling makes sense again.
For people who were underwater, this is welcome news. These homeowners may very well have equity again for the first time in years. For people who had planned on moving up into a bigger home but held off because the value of their current home was too low, these price increases are a sign that it may be time to start considering moving up again. But price increases aren’t only reason why selling today might make sense.
“…This incredible increase in prices means that much of the value that was lost during the housing crisis may have returned…”