Sell Your House Before Spring Arrives

by James Lynch

Considering the year ahead, a major goal could be a change in residence. However, determining the right time for this transition can be tricky. While spring is typically the peak season for homebuying, there's no need to hold off on selling until then. Here's why:

1. Capitalizing on Reduced Mortgage Rates

In October of the previous year, the 30-year fixed mortgage rates reached their highest point at 7.79%. Come January, they descended to the lowest level seen since May. Consequently, you might not find yourself as bound to your current mortgage rate at the moment. This decline in rates has resulted in the present opportunity for relocation being more cost-effective than it was just a few months ago.

Yet another factor that makes the current period opportune for selling is the resurgence of buyers in the market. Numerous individuals who were previously on the sidelines, anticipating a decline in rates, are now actively eager to make purchases as rates have indeed fallen. This increased buyer activity translates to higher demand for your property. As noted by Sam Khater, Chief Economist at Freddie Mac:

"With rates stabilizing, individuals contemplating home purchases but concerned about affordability have re-entered the market."

2. Outpace Your Competitors

Currently, the demand for homes exceeds the available inventory, placing you in a favorable position. However, it's important to note that with the recent increase in new listings, more sellers may already be returning to the market.

Listing your house now not only positions you ahead of the competition but also ensures your property stands out. Collaborating with an agent to determine the right price could lead to a swift sale with multiple offers, as highlighted by U.S. News.

“In times of limited housing supply, sellers have the potential to fetch premium prices for their homes.”

3. Maximize Opportunities in Increasing Home Values

Industry experts predict that home prices will continue to rise throughout the year. What does this imply for you? If you're considering selling your current house with the intention of buying another, it might be prudent to contemplate making the move now before prices escalate further. This presents an opportunity to acquire your next home before it becomes more costly.

4. Utilize Your Home Equity

Presently, homeowners possess substantial amounts of equity, with the average homeowner holding over $300,000 in equity, as indicated by a recent report from CoreLogic.

If concerns about home affordability have been holding you back from selling, it's worth recognizing that your equity can significantly support your next move. It may even cover a substantial portion, if not the entirety, of the down payment for your next home.

Bottom Line

If you're contemplating selling your house and relocating, reach out to a local real estate agent to initiate the process promptly. This way, you can gain an advantage over your competition.

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James Lynch

Agent | License ID: 9510114

+1(781) 244-2863

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