Why NOW might be a good time to Sell Your Home!
Are you wondering if now is a good time to put your house on the market? The spring market has just passed and we are heading into the Summer months. Traditionally, this time period typically marks the slowing down of the housing market, but 2015 might be different.
We are currently in a seller’s market. What that means simply is that there are more currently more buyers than sellers!
I have come up with 3 reasons why NOW might be a good time to sell your home!
1. One of the biggest reasons why is that housing inventory is low. There are a short supply of homes on the market and whenever a decent home comes up for sale, it’s usually gone in 4 days or less. In Park Circle, the past three transactions I have been involved in were multiple offer situations in which my clients offer were competing against 2, sometimes 3 other offers! If I was to describe the Park Circle market, I would say that it is more than hot, it’s scalding. If you’re on the fence about selling, it’s probably best you don’t wait too long to stick a for sale sign in your yard.
2. Rental Rates are rising. You’ve probably heard already that for the same price you pay in rent, you could be paying toward a mortgage and actually own a place. Right now, that statement still holds true, especially since rental rates tend to rise each year. When those rental rates go up, it tends to motivate those tenants to go out and buy a home which means good news for sellers. The more buyers in the market, the better chance your home can sell quicker!
3. Interest Rates are creeping higher! Right now, mortgage rates are still relatively low. Can you imagine that in 1981, mortgage rates reached a record high of 18.5%! Now, I’m not saying that we’re going to reach that number again, but according to experts, they expect higher interest rates sooner than later. This threat of higher interest rates are prompting buyers to come out of the wood works and start their home search now.
Of course, you’ve got to weigh the pro’s with the con’s here. If you sell your home, where will you live? Especially if the inventory of homes are so low. You could take your cash and rent for a bit, but if you wait too long, then interest rates might creep up and you won’t get the same home for the money that you would’ve if you bought right away. It’s definitely a big decision, and can be overwhelming, but that’s where I come into play. I can help you navigate the sale of your home and also assist you in finding your new home!
If you have any questions, just shoot me an email at neil.bansil@carolinaelitere.com or give me a call at (843) 714-3855!
