As you plan for the year ahead, relocating may be a key objective on your list. Wondering when the optimal time to make your move is? While spring traditionally marks the peak of the homebuying season, there's no need to delay until then. Here's why.
1. Capitalize on Reduced Mortgage Rates
In October, 30-year fixed mortgage rates reached a high of 7.79%. Fast forward to January, and they hit their lowest point since May. This decline in rates means you might not feel as constrained by your current mortgage rate. Moreover, the lower rates have enticed more buyers into the market, creating heightened demand for your property. Sam Khater, Chief Economist at Freddie Mac, notes:
"With this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market."
2. Stay One Step Ahead of the Competition
Currently, there's a higher demand for homes than available listings, providing you with a favorable position. However, it's crucial to be aware that with the recent increase in new listings, more sellers may be entering the market. Listing your property now positions you to outpace your competition, ensuring your house stands out. Proper pricing, especially with the guidance of an agent, can lead to a quick sale with multiple offers. According to U.S. News:
"When there is low housing inventory, sellers could get top dollar for their homes."
3. Maximize the Benefits of Escalating Home Prices
Industry experts predict a continued rise in home prices throughout the year. What does this mean for you? If you're contemplating selling your current home and purchasing another, moving now may be prudent before prices climb further. This strategy affords you the opportunity to acquire your next home at a more affordable rate.
4. Harness Your Equity
Today's homeowners possess substantial equity, with the average homeowner holding over $300,000, according to a recent CoreLogic report. If concerns about home affordability have deterred you from selling, remember that your equity can significantly assist in your next move. It might even cover a substantial portion, if not all, of the down payment for your next home.
In Conclusion
If the idea of selling your home and transitioning to a new one is on your mind, let's connect to initiate the process promptly. This proactive approach ensures you gain an advantage over your competition in the current real estate market.
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