This Spring Presents Sellers with a Golden Opportunity! If you’re thinking of selling your house this year, timing is crucial. You’ll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one. You may be able to get the best of both worlds today. Find out the four reasons why this spring may be your golden window of opportunity.
1. Number of Homes on the Market Remains Low
Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market today than there are homes available. That means purchasers are eagerly waiting for your house.
Listing your house now with a Robb Realty agent, who will help you to price your house correctly, you can expect it to sell quickly and likely get multiple strong offers.
2. Your Equity Is Growing
According to a CoreLogic report, 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, so 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.
3. Mortgage Rates Are On the Rise
While it’s true mortgage rates have started to go up, current mortgage rates are still below what they’ve been in recent decades. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%. To put it into context, the current average 30-year fixed mortgage rate, according to Freddie Mac, is 3.85%. And while recent global uncertainty caused rates to dip slightly, experts project rates will rise in the months ahead. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, says: “For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates….” 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. Work with Robb Realty Group so you can take key steps to making your next purchase before rates climb further.
4. Home Prices Are Going Up
Home prices have been skyrocketing in recent years because of the imbalance of supply and demand. The rise in home values will continue as long there remains an imbalance
What can you expect? If you’re planning to sell, you can get ahead of the curve by leveraging your growing equity and purchasing your next home now before prices climb higher. Once you make your purchase you can rest assured you made a good decision by benefiting from home price appreciation and growing the value of your new investment.
Bottom Line
If you want to win when you sell and when you buy, this spring could be your golden opportunity. Get connected with a Robb Realty Group agent so you have the insights you need to take advantage of today’s incredible sellers’ market.