As you contemplate the upcoming year, one of your major objectives might involve relocating. However, determining the ideal timing for this move can be challenging. Although spring typically marks the height of the homebuying season, there’s no requirement to delay selling until then. Here’s why.
1. Capitalize on Decreasing Mortgage Rates
In October, the 30-year fixed mortgage rates reached their peak at 7.79%. By January, they had dropped to their lowest point since May. Consequently, you might find yourself less constrained by your current mortgage rate at present. This decline in rates has rendered the prospect of moving more economically viable compared to just a few months ago.
Moreover, the current downward trend in rates presents another compelling reason to sell now. With rates becoming more favorable, a growing number of buyers are reentering the market. Previously on the sidelines, they were awaiting a decline in rates. Now that this is materializing, they are enthusiastic and prepared to make purchases. This translates to heightened demand for your property.
2. Stay Ahead of the Competition
At present, the demand for homes surpasses the available inventory, placing you in a favorable position. However, it’s worth noting that with the recent increase in new listings, more sellers may already be rejoining the market. By listing your house now, you gain an advantage over your competitors and ensure that your property stands out. Moreover, collaborating with an agent to set the right price could result in a quick sale and multiple offers.
3. Capitalize in Increasing Home Values
Industry experts predict a continued rise in home prices throughout the year. What implications does this have for you? If you’re considering selling your current home and purchasing another, it might be wise to consider making your move now before prices escalate further. This strategy affords you the opportunity to secure your next home before it becomes more costly.
4. Harness Your Home Equity
Present-day homeowners possess substantial equity in their homes. According to a recent CoreLogic report, the average homeowner with a mortgage holds over $300,000 in equity. If concerns about home affordability have held you back from selling, it’s important to recognize that your equity can significantly facilitate your next move. In fact, it might even cover a significant portion, if not all, of the down payment for your next home.
Bottom Line
If you’re considering selling your home and transitioning to a new one, reach out to begin the process now. By doing so, you’ll gain an advantage over your competitors. Let’s connect and initiate the journey towards your next move.
