There are several reasons why now may be a suitable time for you to sell your house. Depending on your situation, here is what you should consider in your decision:
Historically, spring and summer are when buyers start shopping for their new home, but so are fall and winter. The geographic location and climate where your home is located should determine when you should list your home. But remember, following home season cycles may mean you may have more competition. Do your research online or talk to a realtor before making your decision.
Over the past year, surplus buyers and low inventory have resulted in bidding wars and higher home prices. While this has benefitted sellers in the past, not all geographic areas are still experiencing low inventory.
The Fed is working to lower inflation by raising interest rates which impact the interest rates on mortgages. The average rate on a fixed rate 30-year mortgage is 5.54%, significantly higher than one year ago. Rising interest rates may keep some borrowers out of the market if their increased monthly payment no longer qualifies them for a mortgage. You may consider how rate increases may impact your ability to sell quickly.
Since home values have risen nationally, you may have a record level of equity at your disposal. You can use the extra funds to purchase a new home, expand your real estate portfolio, or invest in other wealth-building strategies.
If you put your property on the market, there’s a possibility it will sell quickly for the top dollar, given the current housing market. If you decide to sell your primary home, you may have to pay more to live in a comparable property.
According to Bankrate, there are signals to look for to determine the appropriate time to sell your home:
Source- Should I sell my house now or wait? Bankrate.com
There is a lot to consider before deciding to sell your home. Your financial professional can help you investigate home trends in your area and determine an appropriate strategy for your situation and how selling your home now may impact your finances.
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