Is Now A Good Time To Sell Your House?
Are you thinking about selling your home now? It is difficult to determine when is the right time to put it on the market because the answer will be different for everyone.
Deciding whether to sell now or later is rarely a simple decision. You might be particularly interested in how 5% mortgage rates and 8% inflation should be in your decision in 2022.
Per World Report, it will be easier to sell than to purchase homes in 2022. In other words, it is a year of the seller's market. So, if you want to list your home at or over market value, this is fantastic news. However, buying another property once your current one sells may be more challenging.
Indeed, crystal balls are no way to predict the housing market. However, there are various approaches to stack the deck in your favor.
Listed below are factors to consider before putting your house on the market.
What are the factors to consider?
Home staging
To sell your home for top dollar, it must catch the interest of potential buyers.
Home staging aims to increase your home’s appeal by ensuring that it is warm and welcoming so that they can envision themselves living in it.
But, this may necessitate taking time to furnish your property and undertaking home repairs.
Spring Season
Although common knowledge holds that the ideal time for selling is during the spring season, April to June, reality says otherwise. One recent study says that sellers often earn more above sale price in December and January to March than in June to November.
Mortgage rates
People are more likely to buy a home when the rate for borrowing for that purpose is lower. Contrariwise, when interest rates rise, potential buyers are less likely to take out a mortgage and are more inclined to put off purchasing a home.
Preparedness
Nothing should overshadow the right time for you. But, the answer lies within yourself. Are you ready to move out of the house you once called home?
Experts recommend that you stay in your house for at least ten years but there comes a time that you will need to sell it. Assess your specific situation before deciding whether to put your property on the market now or wait.
Why is now a good time to sell your house?
Shortage of available homes
Despite this surplus of purchasers, the number of homes available for sale to match this unmet demand is low. Essentially, prices of homes increase as demand rises, making it the time for you to sell your home.
Home prices rise
As mentioned, when the demand for homes increases, the price of homes also increases. This favorable news may surprise sellers as the pandemic would negatively impact the property market and lead home prices to fall. Quite the opposite is the case.
Low mortgage interest rates
People are more likely to buy a home when the interest rate of borrowing for that purpose is lower. As property purchases become more affordable, your home value tends to climb.