If you're thinking
of selling your house this
year, timing is crucial. After all, 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.
If that's the case,
you should know – you may be able to get the best of both worlds today. Here are four
reasons why this spring may be your golden window of opportunity.
1. The Number
of Homes on the Market Is Still 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 makes it the
center of attention. And if you work with a real estate professional to price
your house correctly, you can expect it to sell quickly and likely get multiple
strong offers this season.
2. Your Equity Is Growing in Record
According to the most
recent Homeowner Equity Insight report
from CoreLogic, 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. 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. It may be just what
you need to cover a large portion – if not all – of the down payment on your
3. Mortgage Rates Are Increasing
While it's true
mortgage rates have already been climbing this year, 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%.
For 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 in the near-term, 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 a trusted advisor to kickstart
the process so you can take key steps to making your next purchase before rates
4. Home Prices Are Climbing Too
Home prices have
been skyrocketing in recent years because of the imbalance of supply and
demand. And as long as that imbalance continues, so will the rise in home
What does that mean
for you? If you're selling so you can move into the home of your dreams or
downsize into something that better suits your current needs, you have an
opportunity to get ahead of the curve by leveraging your growing equity and
purchasing your next home before prices climb higher.
And, once you make
your purchase, you can find peace of mind in
knowing ongoing home price appreciation is growing the value of your new
you want to win when you sell and when you buy, this spring could be your
golden opportunity. Let's connect so you have the insights you need to take
advantage of today's incredible sellers' market. Contact me at (904)
274-1692 to get started.