Interest rates are historically low, the economy is on the upswing, and the short sales and foreclosures that had watered down home values for so long have been greatly absorbed. While the demand for real estate is increasing, the supply has been slow to respond.
While it’s true home values have been on the rise of the past few years, there are a few reasons why NOW might be the RIGHT time to sell your home. These include:
The school year is coming to an end. May and June are the best months of the year for buyers with school-aged children to find a new home so that they may be settled in before the fall school start. If you are a seller with school –aged children, you will also benefit from making the change before fall.
Interest rates are still low. Even the most studied economist can’t predict with accuracy what will happen with mortgage rates. Though there have been small movements both up and down, the rates we are seeing right now are about as low as they’ve ever been. As a seller, if you sit on the fence too long, you may miss your opportunity to get these low mortgage rates on your next home.
Prices are moving upward. Home prices are rapidly rising. Simply put, unless your annual income is increasing by at least 10% a year then you should buy sooner rather than later. It is just a matter of time when home prices will exceed your budget.
Demand is high, current inventory is low. If you’re even thinking about selling your home and have held up because you fear being inconvenienced while your house sits on the market for months on end, now is a good time to sell while the buyers are motivated and the supply is low. We have seen multiple offers on many properties over the past couple of months, providing back-up offers if an initial contract falls through.
If you have questions about selling your home, what you can expect from the selling or buying process or how much your home may be worth, feel free to give us a call at 770.405.1000 x 2.