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The Early Bird Advantage: Selling Your Home Now for Optimal Results

By
Real Estate Agent with RE/MAX Associates RS - 0019092

Moving might be one of your main objectives for the upcoming year. However, how can you decide when to take action? Although spring is typically the busiest time of year for home buyers, you don't have to wait until then to sell. Here are some reasons why not to wait.

 

Decline Chart Stock Photo - McMahan Law Firm

 

1. Take Advantage of Lower Mortgage Rates

The 30-year fixed mortgage rate peaked in October of last year at 7.79%. They reached their lowest point since May in January. This implies that you might not feel as committed to your existing mortgage rate at this time. Moving is now more affordable than it was a few months ago thanks to this downward trend in interest rates.

Another reason why now is a good time to sell given today's rates? Buyers are returning to the market in greater numbers. Now that rates are starting to decline, many people who had been waiting to buy are eager and prepared to do so. This implies increased interest in your home. As stated by Freddie Mac's Chief Economist Sam Khater:

“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”

 

Get a head start in 2018 | Advantage Learn

 

2. Get Ahead of Your Competition

You're in a great position because there are still more people looking to buy a home than there are available properties. But bear in mind that more sellers may already be reentering the market given the recent spike in new listings.

By listing your home now, you can ensure that it will stand out from the competition and outperform it. Additionally, if you price it correctly and work with an agent, it may sell quickly and draw several offers. According to U.S. News:

“When there is low housing inventory, sellers could get top dollar for their homes.”

 

Rising Prices Stock Photos, Pictures & Royalty-Free Images - iStock

 

3. Make the Most of Rising Home Prices

According to experts, this year's home prices will continue to rise. For you, what does that mean? It could be a good idea to consider moving now, before prices rise even further, if you're prepared to sell your current home and intend to purchase another. This would allow you to purchase your next home before it increases in value.

 

Homeowners Record The Smallest Equity Gains in Over 24 Month ...

 

4. Leverage Your Equity

Nowadays, homeowners own enormous amounts of equity. Indeed, the average homeowner with a mortgage has more than $300,000 in equity, according to a recent CoreLogic report.

Your equity can be a huge assistance with your next move if you've been holding off on selling because you were concerned about the affordability of your house. It may even pay for a significant portion, if not the entire down payment on your next house.

 

 

Bottom Line

Contact me as soon as possible if you're considering selling your home in order to start the process ahead of the competition.

 

by kcm.com


Posted by

 

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Christopher. Now is the time to pull the trigger if you are thinking of selling and being prepared to pull the trigger on a purchase. Enjoy your day.

Feb 13, 2024 07:51 AM