Don’t Wait Until Spring To Sell Your House
As you contemplate the upcoming year, the prospect of moving might be a significant goal on your horizon. However, the question remains: when is the ideal time to make your move? While spring traditionally signals the peak of the homebuying season, waiting until then is not a prerequisite for putting your house on the market. Here’s why.
1. Take Advantage of Lower Mortgage Rates
In October, 30-year fixed mortgage rates reached a peak of 7.79%. By January, they had descended to their lowest point since May, providing a window of opportunity for potential sellers. This decline in rates has made the prospect of moving more economically feasible compared to just a few months ago.
Another compelling reason to consider selling now is the resurgence of buyers in the market. Many had been biding their time, anticipating a decrease in rates, and are now eager to make purchases. According to Sam Khater, Chief Economist at Freddie Mac:
“With the stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
2. Get Ahead of Your Competition
Currently, there is a higher demand for homes than there are available listings, placing potential sellers in a favorable position. However, it’s important to note that with a recent increase in new listings, more sellers might be entering the market.
Listing your house now allows you to surpass your competition and ensure your property stands out. Working with an agent to set the right price could lead to a swift sale with multiple offers. U.S. News highlights:
“When there is low housing inventory, sellers could get top dollar for their homes.”
3. Make the Most of Rising Home Prices
Experts predict that home prices will continue to rise throughout the year. What does this mean for you? If you’re considering selling your current home and purchasing another, acting now might be wise before prices climb further. This strategy affords you the opportunity to acquire your next home before it becomes more expensive.
4. Leverage Your Equity
Today’s homeowners possess substantial equity. A recent report from CoreLogic indicates that the average homeowner with a mortgage holds over $300,000 in equity.
If concerns about home affordability have held you back from selling, recognizing the value of your equity can be a significant asset for your next move. It may even cover a substantial portion, if not all, of the down payment for your next home.
If the idea of selling your house and transitioning to a new one is on your mind, let’s connect to initiate the process now. Acting promptly can provide you with a competitive edge and set you on the path to a successful move.