Housing industry economists predict rising mortgage rates and increased inventory in the second half of 2021. What does that mean for you as a seller? Experts agree that if you’re thinking of selling your home, you’re better off doing it sooner rather than later. Keep reading for the top reasons why selling your home this summer is likely to put more money in your pocket.
- Quick Sale Time
The National Association of REALTORS® reports that homes are continuing to sell quickly — in fact, in an average of only 17 days. This data illustrates that buyers are motivated and ready to pull the trigger on the home of their dreams quickly. - Low Inventory
According to the NAR, inventory is rising slowly yet steadily — but as of now, it still remains at near-record lows. The lack of homes on the market allows yours to shine and get more attention from prospective buyers. - High Buyer Competition
Also due to the lack of inventory, buyers are fighting over the existing homes available — great news for sellers. Multiple offers and bidding wars have the potential to drive up the price of your home so you receive the maximum amount possible, not to mention you can hand-pick the offer that best suits your timetable and personal needs. - Increased Purchasing Power
If you’ve decided that a new home is in your future, it would be wise to leverage your current equity to drive your move. This equity, in addition to the market’s low mortgage rates, expands your purchasing power. Interest rates are projected to rise in the coming months, and even if the increases are modest, this could affect buyer demand and your personal buying potential.
As a seller, you probably won’t find a more favorable market than the one we are currently experiencing. If you are ready to take the next step, contact your local Surterre agent today to get started.
*Source: Keeping Current Matters
