Sellers: The Spring Market is a Myth in This New Normal
As a home seller, you may be trying to time the 'spring market' to get the most equity from the sale of your house. But in our current "pandemic norm" the time to sell is actually right now. In fact, your opportunity to get your best benefits from buying and selling is right now. Here's why.
1. Available Homes are still low
Sellers are in the drivers seat in this limited supply market. So if you enter the market priced correctly, you can expect a quick sale with multiple offers. Projections are for more inventory to come on the market in Keller, Southlake, Flower Mound and surrounding areas as we move beyond winter. Listing now avoids more competition.
2. Your Equity Has Reached Record Highs
Area homeowners are enjoying record amounts of equity which can help fuel a move. Your recently gained equity will go a long way toward the down payment on your next home.
3. Mortgage Rates Are Still Historically Low, but Rising
Last January mortgage rates were at the lowest point ever recorded. Today, rates are starting to rise but they’re still worth taking advantage of. But with rate projected to continue upward through the year, buy now or it will cost you more over the life of your next purchase.
4. Home Prices Are Still Going to Climb
While home price growth is forecast to moderate, it will continue to rise. So if you're selling to move to a bigger home or downsize to the home of your dreams, do it now before rates and prices rise further.