Reasons To Sell This Summer
When you sell your house, you want to balance getting the most out of your sale with knowing you’re making a good investment on your next home. Here are a few reasons why you may want to make a move this summer and prioritize your homeownership goals sooner rather than later.
The Number of Homes on the Market Is Still Low
While data from realtor.com shows the number of listings coming to market (known in the industry as new listings) has grown since the start of the year, housing supply is still firmly in sellers’ market territory. This means there are still more buyers in the market than there are homes available. That puts you in the driver’s seat.
Purchasers are eagerly waiting for your house, so if you work with a real estate professional to price it correctly, it could sell quickly and get multiple strong offers this season. Just know that listing sooner rather than later can help your house stand out before more sellers add their homes to the market.
Your Equity Is Growing in Record Amounts
Odeta Kushi, Deputy Chief Economist at First American, reports:
“. . . homeowners in Q4 2021 had an average of $307,000 in equity – a historic high.”
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 Have Increased This Year
While it’s true the 30-year fixed mortgage rate from Freddie Mac has climbed over two percentage points this year, current rates are still below what they’ve been in past decades. Mark Fleming, Chief Economist at First American, explains:
“Rising mortgage rates impact affordability, but historical context is important. An average 30-year, fixed mortgage rate of 5.5 percent is still well below the historical average of nearly 8 percent.”
That means you still have an opportunity to lock in a rate that’s comparatively lower than decades past. Work with a trusted advisor to kickstart the process so you can make your next purchase today.
Home Prices Are Appreciating
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 appreciate further.
And, once you make your purchase, you can find peace of mind in knowing any further home price appreciation is growing the value of your new investment.
Just like anything else in life, timing is a big part of any decision. If you’re thinking about selling your house, let’s connect so you have the expert insights you need to make the best possible move today.