As you ponder the year ahead, perhaps one of your major aspirations is to relocate. But when is the optimal time to make your move? While spring traditionally marks the peak of the homebuying season, there's no need to postpone selling until then.
1. Seize the Opportunity of Lower Mortgage Rates
Last October witnessed the 30-year fixed mortgage rates hitting a peak of 7.79%. By January, they had plummeted to their lowest level since May. This downward trajectory in rates has made the prospect of moving more financially viable compared to just a few months ago.
Moreover, the decline in rates has spurred a resurgence in buyer activity. Many prospective buyers who had been waiting for rates to decrease are now eager to enter the market. According to Sam Khater, Chief Economist at Freddie Mac, "Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market."
2. Gain a Competitive Edge
Currently, there are more buyers seeking homes than there are houses available for sale, positioning you favorably in the market. However, with the recent increase in new listings, more sellers are re-entering the market. By listing your house now, you can outmaneuver your competition and ensure that your property stands out. With the assistance of an agent to set the right price, your house could sell quickly and attract multiple offers. U.S. News underscores this, stating, "When there is low housing inventory, sellers could get top dollar for their homes."
3. Capitalize on Rising Home Prices
Experts predict that home prices will continue to rise this year. What does this mean for you? If you're contemplating selling your current house and purchasing another one, it might be prudent to consider moving now before prices escalate further. This would afford you the opportunity to acquire your next home before it becomes more costly.
4. Harness Your Equity
Present-day homeowners boast substantial amounts of equity. In fact, a recent report from CoreLogic reveals that the average homeowner with a mortgage possesses over $300,000 in equity. If you've been delaying selling due to concerns about home affordability, rest assured that your equity can significantly facilitate your next move. It might even cover a substantial portion, if not all, of the down payment for your next home.
If you're contemplating selling your house and embarking on a new chapter elsewhere, it's advisable to engage a local real estate agent promptly to initiate the process. This proactive approach will afford you a competitive advantage in the market.