Spring is upon us — and it offers a unique advantage to sellers in this hot market. If you have been considering selling your home, read on for a few reasons you should act now to get the most out of your listing.
1. Inventory Remains Low
There are still far more buyers looking for homes than available listings, which gives your house a distinct leg up and has the potential to lead to multiple offer situations or bidding wars.
2. Your Equity Has Increased
CoreLogic’s recent Homeowner Equity Insight report found that thanks to home price appreciation, homeowners are currently enjoying record amounts of equity ($55,300 gained on average in the past year). This puts you in a better position to make a move — the increased equity may cover a large portion of the down payment on your dream home.
3. Mortgage Rates Are Climbing
Rates have been rising in 2022, although they are still below what they’ve been in recent history. Right now, according to Freddie Mac, the average fixed rate is 3.85%. Economists predict rates will continue to rise in the coming months — and when that happens, it will cost you more to purchase your next house.
4. Rising Home Prices
As long as the imbalance in supply and demand continues, home values will continue to rise. As a seller, you have an opportunity to come out ahead by leveraging your increased equity and buying your next house before prices get any higher. You will then start to grow the value of your new investment thanks to ongoing price appreciation.
If you are ready to take advantage of the incredible seller’s market this spring, contact our experienced real estate professionals today.
