A “forever home” is not right for everyone, and sometimes a new nest is the best solution for your next chapter in life. If you are considering selling to move up, downsize, or relocate, you are in a great position in today’s market! Now is a fantastic time to get top dollar for your home and purchase a home that is a better match for your current lifestyle. Here is how market conditions are working for you right now.
1) Low Inventory Means High Demand
With the current inventory of homes at a decades-long low, the ratio of buyers to homes for sale is putting a line of eager buyers ready to move fast on attractive, appropriately priced listings. This means that with the right marketing and pricing strategy, you are in a great position to sell quickly, have multiple strong offers to choose from, and have your preferences on closing details met. Experts predict that inventory will increase as the season continues, so selling now ensures the competition for your home from buyers is very strong.
2) You Have Record Equity
Home equity is the difference between what you owe on your mortgage and what your home is currently worth, and the historic home price growth of the past year has boosted U.S. homeowner equity by a whopping 31%. That amount of equity can make a big difference in your buying power for your next home purchase!
3) Interest Rates Are Low But Rising
Interest rates are slowly rising from their recent historic low, but for now, they are still well below what they’ve been in recent decades. With experts predicting rates and home prices will continue to rise, locking in a low rate in today's market will increase your buying power.
4) Skip The Open Market, While Still Getting A Great Price
If prepping, staging, and showing your home feels like an overwhelming project to take on, now is an excellent time to work with your agent to sell off-market. This means your agent will network to find buyers willing to write offers at or above your asking price and terms, without you ever needing to list your property on the open market. Buyers with limited inventory to choose from are still willing to pay top dollar for your home, and the convenience for you can be a real relief!
If you are thinking of making a move, get in touch for a consultation on how you can get the best terms and value on your current and future home!