Do not Wait Until Spring to Sell Your Home
As you plan for the coming year, one of your major goals may shift. But how do you know when to make a move? While spring is typically the peak homebuying season, you do not have to wait until then to sell. Here's why.
1. Take Advantage of Lower Mortgage Rates
Last October, 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. Moving has become more affordable as rates have fallen, compared to just a few months ago.
Another reason why today's rates are a good time to sell? More buyers are coming back into the market. Many people had been waiting for interest rates to fall, and now that they have, they are eager to buy. This means that your house will be in higher demand. 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. Get Ahead of Your Competition
Right now, there are more people looking to buy a home than there are houses for sale, putting you in a favorable position. However, given the recent increase in new listings, it is possible that more sellers are re-entering the market.
Listing your house now allows you to outperform your competitors and ensures that your home stands out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:
“When there is low housing inventory, sellers could get top dollar for their homes.”
3. Make the Most of Rising Home Prices
Experts believe home prices will continue to rise this year. What does this mean to you? If you are ready to sell your current home and buy a new one, you might want to consider moving now before prices rise further. That would give you the chance to buy your next home before it gets more expensive.
4. Leverage Your Equity
If you have been putting off selling because you are concerned about home affordability, keep in mind that your equity can help you with your next step. It may even cover a significant portion, if not all, of the down payment on your next home.
If you are thinking about selling your home and moving to another, let us talk about getting the process started right away so you can get an advantage over your competitors.