Why it's Better to Sell your House Now than Later
You may be holding back from selling your home due to some uncertainties. But at the same time, you’re also longing to have that dream house that got recently listed. And what you’re waiting for is the time when selling and buying properties are perfect. While you wait for longer, you may miss the chance to get started on doing what you’ve been wanting because right now is the perfect season that you’re looking for. Why wait until spring to spring into action? Here are some reasons why you should take action now.
Low Competition in the Market
Demands for houses in the market kept increasing where supply can’t keep up. So buyers are just waiting out there for your house to be listed, and if priced right, you’ll have your home sold in no time and of course move into the new one. People generally have the mindset of waiting until winter before they make a move but that might also lose your chance of selling. Better to strike while the iron is hot.
2. Your Growing Equity will Help
As per CoreLogic, “the average homeowner gained $56,700 in equity over the past 12 months.” This will significantly get you through the down-payment process for your next home. So, if you think that your resource might be insufficient, don’t worry, your equity got your back. It may be just what you need to cover a large portion – if not all – of the down payment on your next purchase.
3. Today’s Mortgages are still Generally Low
You might complain about mortgages being high, but through the years, the average increase is still significantly low. For the record:
- In the 2000s, the average mortgage rate was 6.27%
- In the 1990s, the average rate was 8.12%
If you think buying your new home will cost you much more now than later, unfortunately, the trend doesn’t go with that expectation. So, it’s better to make your move now while the rising cost is still manageable.
4. Home Prices Keeps Rising
Forecasts from industry leaders state that prices will continue to appreciate throughout 2022. This is inevitable in the market and also will affect your purchase decision. You might end up not being able to buy your dream house at all if you keep holding back which we want to avoid. So the more you wait, the more chances that the numbers will continue to grow.
Conclusion
If you plan to sell yours to finally move to your dream house, then the perfect time is now. Since you know the factors such as a low mortgage, low competition, equity boost, and rising house cost now, this will give you the right mindset to finally make a move. Reach out to a local real estate professional today to get set up for homebuying success this year. Therefore, reach out to Stephanie Gavin today and make the most out of 2022!