When it comes to listing your Tam O’ Shanter property, you may be wondering if it is really time. After all, there is the thought process that when you get a 30 year mortgage, the point is to stay in your home for the long haul and eventually own it free and clear. While that was once the American Dream, things have changed since then. In fact, according to NAR, their data shows that the median length a family stayed in a home from 1985-2008 was 6 years. Since 2008, the average has been 9 years. That is a pretty high increase but for good reason.
During 2008, Tam O’ Shanter real estate prices dropped during the housing crisis. This resulted in homeowners having negative equity. If your home is worth less than your mortgage, it is best to stay put until your Tam O’ Shanter real estate can gain some value. The other reason was uncertainty that homeowners felt in regards to the economy. They weren’t confident making a move.
If you have been thinking of selling your Tam O’ Shanter real estate for a while but stayed put because of the above reasons, you can feel confident knowing that home prices have gone up for the last few years. In fact, over 90% of mortgaged homes are now in a positive equity situation. 70% of these homes have a minimum of 20% equity. With the economy bouncing back thanks to wage increases, homeowners are much better off financially compared to even just a few years ago. Meaning this is the perfect time to sell your Tam O’ Shanter real estate if you have been thinking about it.
According to research, a majority of homeowners are not living in a house that actually fits their current circumstances. For example, there are millenials that would like to start a family, but are living in a cramped one bedroom condo while baby boomers are residing in a large 4 bedroom home that is now empty. Both of these homeowners are ready to switch and make a move which is perfect for our local housing inventory.
If you have been thinking of selling your Tam O’ Shanter real estate, give me a call. I have plenty of buyers who are interested in our neighborhood.