SHOULD I SELL NOW OR WAIT?
This is one of the questions we see most often on our website and social media pages, and for good reason. Historically, spring has been the best time to list your home and this spring, in particular, presents an optimum time to sell and an opportunity to maximize your leverage when negotiating the sale.
The Inventory of Homes on the Market is at an All-Time Low
Homes are selling in record time because the pool of buyers eagerly waiting for your home is large. Your home will be the center of attention when it hits the market and, if you work with a Realtor® to price it appropriately, you can expect multiple strong offers and a closing date that suits your needs. The low housing supply combined with high buyer demand is expected to continue throughout 2022 and, even though new home builders are working hard to close the gap, it will take time.
Interest Rates are Still Historically Low
Although mortgage rates are increasing, current rates are still well below what they’ve been for decades, and experts predict that future rate increases will be at a gradual pace. Potential buyers who are on the fence will often enter the market at the start of rate increase cycles providing yet another reason to list your home this spring. These buyers also understand that borrowing costs will likely rise with the increase in mortgage rates.
Current Homeowners are Sitting on Record Amounts of Equity
Homeowner equity is growing in record amounts. If you’ve been worried about how rising prices will affect the purchase of your next home, realize that you can leverage your substantial equity to facilitate your move by covering a large portion (if not all) of the down payment for your purchase thereby putting you ahead of the curve. Once you are situated in your new home, you can find comfort in the fact that ongoing appreciation is growing the value of your new investment.
As a current homeowner, you have an excellent opportunity to get the best of both worlds this spring. If you are considering selling your home, the best approach, especially in an active market, is to first speak with your Realtor®. Make sure that the Realtor® is an experienced professional with the backing of a strong brokerage. Now is the time to sell and working with the right Realtor® is essential to getting top dollar for your home in today’s incredible sellers’ market.
