As you ponder the possibilities for the upcoming year, the prospect of a significant move might top your list of aspirations. While the conventional wisdom often ties home selling to the spring season, waiting might not be the strategic choice. Here's why.
Seize the Advantage of Lower Mortgage Rates:
In October, 30-year fixed mortgage rates peaked at a daunting 7.79%. However, the current landscape tells a different story. January witnessed the lowest rates since May, creating an opportune moment to reassess your mortgage commitment. This decline not only enhances your financial flexibility but also stimulates increased buyer activity. According to Freddie Mac's Chief Economist, Sam Khater, the market is experiencing a surge in potential homebuyers re-entering due to the stabilized rates.
Outpace Your Competition:
Presently, the demand for homes surpasses the available supply, positioning you favorably as a potential seller. However, it's crucial to recognize the growing number of sellers returning to the market with the recent uptick in new listings. Listing your property now not only positions you ahead of the competition but, with the right pricing strategy, can result in a swift sale and multiple offers. In a market with low inventory, U.S. News underscores that sellers stand to gain top dollar for their homes.
Maximize Rising Home Prices:
Industry experts project a continued upward trajectory for home prices this year. For sellers contemplating a move, acting promptly could be wise before prices escalate further. Seizing the opportunity now allows you to sell your current property before purchasing your next one at potentially higher prices.
Leverage Your Equity:
Today's homeowners boast substantial equity, with the average homeowner holding over $300,000, as reported by CoreLogic. If concerns about home affordability have held you back from selling, recognize that your accumulated equity can significantly support your next move. It may even cover a substantial portion, if not the entirety, of the down payment for your next home.
In Conclusion:
If the prospect of selling your house and embarking on a new chapter appeals to you, initiating the process with a local real estate agent now can provide a strategic advantage. By acting promptly, you position yourself ahead in a market where timing and preparation can make all the difference.
