The current housing market is booming for sellers. Timing is crucial with the sale of your current home and the purchase of a new one. As a seller, you will want to get the best of both worlds. Listed are four reasons why this is the best time for you to sell your home.
1. The Number of Homes on the Market Is Still Low
The past year and currently the housing inventory is low, low, low. This is great news if you are a home seller. Buyers are fighting for what little is currently on the market. Buyers are waiting for homes to go on the market in order to get to them first. Your home will be the center of attention when it comes on the market. Realtors will price your home according to the market value and will get your home sold quickly.
2. Your Equity Is Growing in Record Amounts
CoreLogic's Homeowner Equity Insight reports that current 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. With this amount of equity, you will be able to make a move in this hot market.
3. Mortgage Rates Are Increasing
While mortgage rates have been slightly rising this year, they are still lower than they have been. Freddie Mac shows that the current 30-year fixed mortgage rate is at 3.85%. “For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates,” according to Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae.
4. Home Prices Are Climbing Too
With the demand from buyers and lack of inventory, home prices are skyrocketing. It is predicted they will keep rising if this imbalance continues. If you are thinking of selling, now is the time to sell. Get ahead of the curve by selling and purchasing now before the prices climb even higher.
Remember if you are thinking of selling, contact your local Realtor. A local Realtor can help you price your home right and get it sold in no time.
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