Why You Should Consider Selling Your House Now

As you contemplate your plans for the upcoming year, you might be eager to make a move, but the question remains—when is the ideal time to sell? While spring traditionally marks the peak of homebuying activity, there's no need to delay until then. Here's why:

1. Seize the Benefits of Lower Mortgage Rates

In October, 30-year fixed mortgage rates reached a high of 7.79%, but in January, they hit their lowest point since May. This shift offers an opportunity to reconsider your current mortgage rate. The downward trend in rates not only makes moving more economically feasible than a few months ago but has also spurred a surge in buyer activity. With potential homebuyers re-entering the market due to more favorable rates, there's an increased demand for houses.

Sam Khater, Chief Economist at Freddie Mac, notes, “Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”

2. Stay Ahead of the Competition

While the current market favors sellers due to more prospective buyers than available houses, it's essential to be mindful of the growing number of new listings. Listing your property now positions you ahead of the competition and ensures your home stands out. Collaborating with a real estate agent to set an appropriate price can expedite the selling process and potentially attract multiple offers.

U.S. News emphasizes, “When there is low housing inventory, sellers could get top dollar for their homes.”

3. Capitalize on Rising Home Prices

Industry experts anticipate a continued upward trajectory in home prices throughout the year. For sellers contemplating a move, acting now could be advantageous before prices climb even higher. Selling your current home promptly would provide the opportunity to purchase your next property before facing increased costs.

4. Harness Your Equity

Today's homeowners boast substantial equity, with the average homeowner carrying over $300,000 in equity, according to a recent report from CoreLogic. If concerns about home affordability have delayed your decision to sell, recognizing the potential of your equity can ease the transition. In some cases, it might cover a significant portion or even the entirety of the down payment for your next home.

If the thought of selling your home and embarking on a new chapter appeals to you, don't hesitate to reach out. Let's connect now to initiate the process, giving you a competitive edge in today's dynamic real estate market.