Wednesday, February 7, 2024 / by Barb Fessenbecker
Get a Jump on Spring - Sell Your House Now!
As you consider your goals for 2024, one of the first things you may be thinking about are your plans to make a move. Spring is coming soon, the weather will be warmer, and it seems like the perfect time to sell your home. Spring usually is, after all, peak season for homebuyers, but guess what? You don’t have to wait until then! Let me tell you why.
1. Cash In on Lower Mortgage Rates
In October of last year, the 30-year fixed mortgage rates reached their highest point for 2023. Fast forward to January, where they dropped to the lowest point since last May. This shift means that you may no longer feel stuck with your current mortgage rate. The decline in rates has made relocating more budget-friendly than it was just a few months ago.
There's another reason why the current rates make it an opportune time to sell. More buyers are reentering the market. Many had been biding their time, waiting for rates to drop. Now that it's actually happening, they're excited and ready to make a purchase. This surge in demand means increased interest in your house! Sam Khater, Chief Economist at Freddie Mac agrees:
“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
2. Stay One Step Ahead of Your Competitors
It’s all about supply and demand. Right now, there are more people looking to buy a home than there are homes for sale. However, there has been a notable increase in homes for sale recently, which suggests more sellers may be entering the market, too. Don’t worry! This puts you in a great position!
Listing your house now not only puts you ahead of the competition but also ensures that your property stands out. Working with a local agent to set the right price for your home could result in a quick sale with multiple offers. According to US News: “When there is low housing inventory, sellers could get top dollar for their homes.”
Let our experts at Emmer Real Estate Group help you get top dollar for your house!
3. Take Advantage of Today’s Home Prices
Experts are predicting that home prices will continue to rise this year. Why do you care? Well…it’s like this - if you're thinking about selling your current house and buying a new one, now could be the perfect time to make that move before home prices climb even higher. Buying your next home now before home prices increase can save you money in the long run.
4. Make the Most of Your Home Equity - You’ve Earned It!
Today’s homeowners have a substantial amount of equity built up. According to a recent report from Corelogic, the average homeowner has over $300,000 in equity. So if concerns about home affordability have held you back from selling, think again. Your home equity could play a crucial role in your next move. It might even cover a large portion, if not all, of the down payment for your next home.
To Sum It Up
If you’ve been thinking about selling your house and buying another one, don’t wait until Spring. Now is the time. Stay ahead of your competition and connect with your local real estate agency today! Our agents at Emmer Real Estate are ready for you!
Source: Keeping Current Matters
