Yours 4 Reasons (To Sell Your Home Right Now)
1. Seize the Opportunity of Lower Mortgage Rates
Last October, the 30-year fixed mortgage rates reached a peak of 7.79%. However, in January, they hit their lowest level since May. This means you might not feel as tied to your current mortgage rate. The downward trend in rates has made moving more financially feasible now than it was just a few months ago.
Additionally, today's lower rates have led to an influx of buyers returning to the market. Many had been waiting on the sidelines for rates to decrease, and now that they are, they're eager and prepared to make a purchase. 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. Stay Ahead of the Competition
Currently, there are more buyers seeking homes than there are available properties, putting sellers in a favorable position. However, with the recent increase in new listings, more sellers may already be re-entering the market.
By listing your house now, you can get ahead of the competition and ensure that your property stands out. Working with an agent to set the right price could result in a quick sale with multiple offers. As U.S. News explains, "When there is low housing inventory, sellers could get top dollar for their homes."
3. Capitalize on Rising Home Prices
Experts predict that home prices will continue to rise throughout the year. For sellers, this means that now may be an ideal time to sell your current home and purchase a new one before prices increase further.
4. Utilize Your Equity
Today's homeowners have substantial equity in their homes. A recent report from CoreLogic reveals that the average homeowner with a mortgage has over $300,000 in equity.
If you've been hesitant to sell due to concerns about home affordability, remember that your equity can significantly aid in your next move. It may even cover a significant portion, if not all, of the down payment for your next home."
