Have you thought about selling your home this spring but have considered waiting for several different reasons? Perhaps you would like to have more equity in your home, are waiting to see if your property value increases or maybe you just simply aren’t prepared to sell. There are a few different reasons why waiting to sell might not be the best decision for you, financially speaking, and we’d like to share them with you.
Whether you’re looking to upsize or downsize once you sell your current home, you should know that both home prices and interest rates are on the rise. While the first is a good thing for you if you’re selling, it’s not so good if you’re buying. Property values are already increasing and are expected to continue to do so between 5-10% by the end of next year. Don’t you want to get a better price on a home now rather than later? Interest rates are also projected to increase by at least 1% by the end of 2015. When you take these two factors into consideration, we’re potentially talking about a large amount of money.
Another reason you should consider selling sooner rather than later is because there’s currently less competition. As we move into the summer months the number of homes on the market will continue to increase and realtors are estimating that this year there will be a record number of homes on the market simply because many homeowners that were previously underwater now have equity in their homes and want to sell. Be one of the first to get your home on the market and avoid the competition you may have with other sellers.
Lastly, there is an abundance of buyers looking for homes right now. Thanks to the extremely brutal (and everlasting) winter throughout most of the country, a number of buyers that had planned on doing their home search in the winter put it off until the spring. This means that there are numerous buyers coming out of the woodwork that are eager to buy a home.
If selling your home was in your plans for the near future, maybe you should make it the plan for your immediate future and make the most of both the buying and selling aspects of the real estate market. You could possibly save yourself money on buying a new home while selling yours with little to no competition.