Hampton Roads, Virginia
If you’re trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellers’ market we’re in today won’t last forever. If you’re thinking of making a move, here are four reasons to put your house up for sale sooner rather than later.
1. Your House Will Likely Sell Quickly
According to the Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly which is a strong indicator of high buyer demand. As a seller, that’s great news for you. Buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.
2. Buyers Are Willing To Compete for Your House
In addition to selling quickly, homes are receiving multiple offers – and the offers are competitive ones. The graph below shows how the average number of offers right now compares to previous years: Buyers today coming prepared with their best offer in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.
3. When Supply Is Low, Your House Is in the Spotlight
One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though it’s improving, it remains at near-record lows. If you’re looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.
4. If You’re Thinking of Moving Up, Now May Be the Time
If your current home no longer meets your needs, it may be the perfect time to make a move. Today, homeowners are gaining a significant amount of wealth through growing equity. You can leverage that equity, plus current low mortgage rates, to power your move now. But these near-historic low rates won’t last forever.
Experts forecast interest rates will rise. In their forecast, Freddie Mac says:
“While we forecast rates to increase gradually later in the year, we don’t expect to see a rapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, rising to 3.8% by the fourth quarter of 2022.”
When rates rise, even modestly, it’ll impact your monthly payment and by extension your purchasing power.
Bottom Line
The combination of housing supply challenges, low mortgage rates, and extremely motivated buyers gives sellers a unique opportunity this fall. Talk to an experienced Abbitt REALTOR® and receive a comparative market analysis to determine whether selling now is right for you!
Call us at 757-794-8754, send us a message, or email us at info@abbitt.com.
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Courtesy of keeping current matters