The housing market in the U.S. has seen a massive boom in the past year and home values have been skyrocketing as a result. There are countless reasons for this. There are currently low-interest rates. And many people are moving away from big cities because they can work from home.
If you’re thinking about selling a home, is now the best time to do it?
Selling a Home in a Seller’s Market
Another reason why prices have increased so significantly is that many homeowners are staying put, while renters are desperate to become homeowners. This has resulted in a low supply and high demand, a big factor in driving up prices. Buyers are bidding against each other, which has led to properties being sold well above their valuations.
Buyers are willing to overpay because they want to lock into low mortgage rates while they’re still available. The moment those rates begin going back up, there’s a good chance that the number of buyers will drop.
Now is an excellent time to sell your home if you’ve been thinking about it. It’s crucial to consider your options.
Where Will You Move?
If you’re downsizing to an apartment or a smaller house, it’s a no-brainer. You need to sell. If you’re moving to an area where housing prices are lower, it’s also a good idea to sell now.
However, if you think you can sell and move into a similar house in a similar area, you might want to think twice. You’re going to end up paying more than you expect to buy a new house.
Now is an excellent time to sell but consider your buying and selling needs before you do. For more advice on selling a home, contact us at Randy Lindsay today.
