The real estate market may be on fire, but if listings are the oxygen, the flames need fanning! Months of inventory is at an all time low of 1/2 a month, so it looks like a perfect Seller’s Market – but is it? Read ahead to see whether or not you really should take advantage of it all.
4 REASONS TO SELL NOW
- INTEREST RATES ARE EXPECTED TO RISE • Buyers will want to lock in a low rate now, as an interest rate hike (or several) will occur in 2022/2023 largely to combat inflation. Buyers can afford less home with every rate hike.
- YOU’RE READY TO TAKE ADVANTAGE OF BUYER DEMAND • Home prices are climbing and multiple offers are common, the median sale price for existing homes in 2021 saw 12% appreciation, with early 2022 expected to see median prices rise another 2.9%.
- YOU HAVE SOMEWHERE TO GO • All the equity in the world won’t help you if you have no where to go. The best scenario is that you already have your eye on another property, you are going to build new, or want to take advantage of a short term rental space – like Josephine’s Cottage. These options are how home sellers are maximizing their equity.
- YOU NEED TO MOVE • Plenty of sellers are opting for a life change that involves moving to another state, more room for a growing family or a bigger footprint needed for permanent work-from-home space. Moving when you know it’s a “good idea” – beats moving when you “have to” any day.
3 REASONS TO STAY PUT
- YOU JUST REFINANCED • Hopefully, your refinanced mortgage has helped ease financial woes by lowering your monthly payments, and may make selling any time in the near future less attractive.
- YOU’RE WORRIED ABOUT AFFORDING YOUR NEXT PURCHASE • If you’re worried about affording your next home purchase, it’s more likely tied to the housing market’s quickly rising prices, lack of new homes for sale or potential lack of equity in your home. Don’t be afraid to wait to sell your home if you think the timing isn’t right.
- YOU’RE WORRIED ABOUT FINDING YOUR NEXT HOME • Waiting for a more balanced market is a good idea for some homeowners, and it’s unlikely to hinder your ability to get a good price for the house you sell. In a market where supply and demand are more balanced, you’re less likely to see multiple offers and sale prices well above the asking price, but you’ll still see positive home value growth.