Why You Should Sell This Spring
Trying to decide when to sell? If so, you likely want to time it just right so you can get the most out of the sale of your current house and know you’re making a good investment when you buy your next home. You may not realize that the opportunity to get the best of both worlds is already here. Here’s why.
Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market than there are homes available, and that means purchasers are eagerly waiting for your house.
Listing your house now makes it the center of attention. And if you work with a real estate professional to price your house correctly, you can expect it to sell quickly and likely get multiple strong offers this season.
Your Equity Is Growing in Record Amounts
According to CoreLogic, current homeowners are sitting on record amounts of equity thanks to recent home price appreciation.
That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion – if not all – of the down payment on your next home.
Mortgage Rates Are Increasing
While it’s true mortgage rates have been climbing this year, current rates are still below what they’ve been in recent decades. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%.
Even though mortgage rates are rising, they’re still worth taking advantage of today. You just want to do so sooner rather than later because experts are projecting rates will continue to increase throughout this year. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, says:
“For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates....”
When that happens, it’ll cost you more to purchase your next home. That’s why it’s important to act now if you’re ready to sell. Work with a trusted advisor to kickstart the process so you can make your next purchase before rates climb further
Home Prices Are Climbing Too
Home prices have been skyrocketing in recent years thanks to the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values.
What does that mean for you? If you’re selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices climb higher.
And, once you make your purchase, you can find peace of mind in knowing ongoing home price appreciation is growing the value of your new investment.
As a homeowner, you have a great opportunity to get the best of both worlds this season. You can truly win when you sell and when you buy. If you’re thinking about making a move, let’s connect so you have the insights you need to make the best possible decision in today’s sellers’ market.
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