We’re sure you’ve heard it; it’s currently a seller’s market, and all the cards are in your favor. However, what’s holding you back is your low interest rate on your home and not wanting to buy a new home with a high interest rate, right?
We get it. But the truth is, there has never been a better time for sellers! Let’s dive into why now is the time to sell, even if it means letting go of your low interest rate.
Inventory has been historically low for the past few months. While we have started to see an increase in inventory leaning towards a more balanced market, there is still a limited supply of homes compared to the number of buyers looking. Putting your house on the market now will mean less competition for your home and more serious buyers looking for homes like yours.
We are seeing a slight decrease in median sale prices, but homes are still being sold for top dollar. Buyers are getting used to the higher mortgage rates, giving them more confidence to look for homes. As long as your home is priced right, you should be able to sell quickly and for a fair price.
Consider The Market
While historically, spring and summer tend to be the best times of year to sell, many buyers may have held off on looking for homes in the summer due to vacations, spending time with their children & families, and more. Now that school is back in session, buyers are likely motivated to get back out there.
You might have accrued a decent amount of equity depending on how long you have lived in your home. If you’re worried about high interest rates on the next home you purchase, you might have built up enough equity to pay for your next home in cash, avoiding borrowing and interest rates entirely. If it’s only been a few years, you can at least use some or all of your equity on your down payment.
If you’re considering selling your home and are wondering if now is the right time for you, reach out to us! We would love to answer any questions you may have!