Don’t Wait Until Spring To Sell Your House
As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why.
1. Take Advantage of Lower Mortgage Rates
In October of last year, the 30-year fixed mortgage rates reached their peak at 7.79%. By January, they had descended to the lowest point since May. This implies that you might not feel as committed to your current mortgage rate at the moment. The declining trend in rates has rendered relocation more economically viable than it was just a few months ago.
Another compelling reason to consider selling now is the current favorable rates, which have prompted an influx of buyers back into the market. Many prospective buyers had been biding their time, anticipating a decrease in rates. With this anticipation now materializing, they are enthusiastic and prepared to make purchases, resulting in heightened demand for your property. According to Sam Khater, Chief Economist at Freddie Mac:
“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
2. Get Ahead of Your Competition
Presently, there is a surplus of potential homebuyers in comparison to the available houses for sale, providing you with a favorable advantage. However, it’s worth noting that with the recent increase in new listings, there is an indication that more sellers may be rejoining the market.
Opting to list your house at this time not only positions you ahead of the competition but also ensures that your property stands out. Working with a real estate agent to set an appropriate price could result in a swift sale, potentially attracting multiple offers. U.S. News explains:
“When there is low housing inventory, sellers could get top dollar for their homes.”
3. Make the Most of Rising Home Prices
Industry analysts predict a continued increase in home prices throughout the year. What implications does this hold for you? If you are contemplating selling your existing property with the intention of purchasing another, it might be prudent to consider making the move now before prices escalate further. Doing so presents the opportunity to purchase your next home at a more favorable cost before it becomes more expensive.
4. Leverage Your Equity
Presently, homeowners possess substantial amounts of equity. According to a recent report by CoreLogic, the average homeowner with a mortgage holds over $300,000 in equity.
If concerns about home affordability have been delaying your decision to sell, it’s essential to recognize that your equity can significantly assist in your next move. It could potentially cover a significant portion, or even the entirety, of the down payment for your upcoming home.
Bottom Line
If you’re thinking about selling your house and moving to another one, let’s connect to get the process started now so you can get a leg up on your competition.
