If you’re considering whether now is a good time to sell your house, here’s what you’ll want to factor in:
Buyer demand: Do people want to buy your home?
This one’s a clear YES, ABSOLUTELY YES! Homebuyer demand has grown in recent months, and according to the The Market Composite Index, a measure of mortgage loan application volume, these applications have increased 2.1 percent on a seasonally adjusted basis from just one week ago.
This increase is due in part to historic lows in mortgage rates and part of it is still residual impact from the recent pandemic.
Competition: Are you up against a lot of other sellers?
Markets tend to vary, but according to recent data from Realtor.com, the national housing inventory availability is way down compared to recent years. This limited inventory, coupled with homeowners likely waiting to sell until pandemic is over, could give you the upper hand—both in negotiations and when pricing your property.
Your goals: Are you buying a new home after?
If you’d be selling your home only to buy another, you have some unique considerations to take into account. First are the market’s low mortgage rates. Low rates can allow you to cut costs on a similarly priced property or buy a bigger, more expensive home for the same monthly payment. Either way, it’s a win for your pocketbook.
The downside in today’s environment is the high competition. With so many buyers on the market, finding a home may be more difficult. Additionally, you might pay more for that property once you do.
Consult an expert if you’re not sure
If you’re not sure if selling your home is the right move, consider talking to The Vince Carter Team before moving forward. Our experts have insight into current market conditions and can advise you accordingly.