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Sell Home Now Before Spring Rush

By
Real Estate Agent with Keller Williams Realty

If you are thinking about selling your home in 2024 selling your home early in the year may work to your advantage. Timing makes a difference because home prices rise and fall like stocks.  Following are a few thoughts to consider when making your decision:

Mortgage rates – In the past year sellers have been reluctant to sell because they would be paying a higher interest to replace their existing home.  Recently mortgage rates have begun to fall, and predictions are expecting interest rates to settle in the mid-6% range during 2024.  This means sellers will not lose as much when they trade their current home for a new home. This will help sellers to walk away from a transaction in a better position.

Housing inventory – In many locations housing inventory is low and that allows sellers the ability to sell quickly if the property is in good condition and at the right price.  Other aspects concerning selling are having a quality product and difficulty building a house at a better price point.  As a result, buyers tend to work with the current inventory that is out there.

Buyers in the market - Recently mortgage rates have dropped encouraging more buyers to enter the market.  If more buyers enter the market this may cause a greater number of sellers to enter the market.  When this occurs, there will be greater competition among sellers and buyers. 

Time to sell – Experts in real estate have realized that the first months of the year are a wonderful time to sell.  More buyers find themselves with extra cash from bonuses and tax returns.  Others feel sellers will not receive as many offers during the winter months, but the offers received are more meaningful.  In addition, buyers who buy early in the year may have more urgency to move and they realize there may not be as many options, therefore are more willing to deal with the seller.  In the summer months there may be more inventory and offers forcing the seller to make improvements to their property since buyers have more choices.

Buy and sell home – Now sellers have the advantage of getting a fair price for their home and moving into their new home before prices start to heat up.  Starting the move process now the seller can avoid competition from too many buyers that will cause the home prices to heat up.  The housing market is beginning to get more reasonable and gives you great options to negotiate.

Personal reasons – It can work to sellers’ advantage to list their property and make the move.  This can be the result of a job change or a change in family size, etc. Many times, the seller had a prior desire to make a move over and above reasons listed.