If you’re thinking of selling your home, timing is crucial. Ultimately, you want to balance getting the most out of the sale of your current home and making the best investment when buying your next one.
Here are four reasons why this spring may be your golden window of opportunity.
1. The Number of Homes on the Market Is Still Low
Today’s limited supply of homes for sale is putting sellers in the driver’s seat. There are more buyers in the market today than there are homes available.Listing your house now makes it the center of attention. If you price your house correctly, you can expect it to sell quickly and likely get multiple strong offers.
2. Your Equity Is Growing in Record Amounts
Homeowners are sitting on record amounts of equity thanks to recent home price appreciation. The report finds that the average homeowner has gained $55,300 in equity over the past year. That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion – if not all – of the down payment on your next home.
3. Mortgage Rates Are Increasing
While it’s true mortgage rates have already been climbing this year, current mortgage rates are still below what they’ve been in recent decades. For context, the current average 30-year fixed mortgage rate is 3.85%. And while recent global uncertainty have caused rates to dip slightly in the near-term, experts project rates will rise in the months ahead. When that happens, it’ll cost you more to purchase your next home. That’s why it’s important to act now if you’re ready to sell.
4. Home Prices Are Climbing Too
Home prices have been skyrocketing in recent years because of the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values.
What does that mean for you? If you’re selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices climb higher.
If you want to win when you sell and when you buy, this spring could be your golden opportunity. Call us today at 800-430-6859 so you have the insights you need to take advantage of today’s incredible sellers’ market.