If you are thinking about moving into a new home or neighborhood, NOW is a great time! Here’s why.
1. It’s a Seller’s Market
According to the National Association of Realtors (NAR), there are more people wanting to buy homes than there are homes for sale. This makes it a great time to sell. Buyers are ready, willing and able to buy homes, so this is good news for those of you considering a move. You can expect to get a good price for your home and hopefully even multiple buyers competing. This is a great scenario for any homeowner so it makes sense to take advantage of this current trend. Danielle Hale, Chief Economist of Realtor.com, says “We’re not seeing as many new listings come up on the market…It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen.” Once the market shifts, this competition will go away and sellers will be the ones having to compete for eligible buyers.
2. Quicker Sales
The amount of time it takes today to close a loan is now down to 43 days, according to Ellie Mae’s latest Origination Insights Report. This means that once you have a ratified sales contract in hand, the transaction will be faster and simpler than in previous years. Buyers today are more prepared to compete for homes and are often pre-approved before they even step in your door. They will know exactly how much they can afford and how high they can bid before they ever start looking. This means less stress as you wait to move on to your next home and to start a new chapter.
3. Interest Rates Are Low
Low interest rates are good for everyone. With low rates, buyers are motivated to buy and spend more money to get the right home. That means that you are more likely to get the price you want for your home. Keep in mind that timing is everything. Now is when you can lock in low interest rates for their mortgages. This may not always be the case. This year is a great time to put your home on the market, especially if you are trying to decide between selling this year or next. The hassle of getting our home ready will be well worth the profit in these conditions. As new buyers are still entering the market, it’s best to benefit now rather than risk missing out on the opportunity.
Additionally, homeowners with more equity in their homes, can also take advantage from lower interest rates. The higher your equity in our home, the more you will profit from a home sale. This added income can be used as a larger deposit on your next home, which will help with getting a lower interest rate and lower monthly payments.
So whether you are looking to upgrade, downsize, move to a new neighborhood, be closer to your workplace, want to be near family and friends or just make some money to invest, NOW is the time to consider selling your home.
For a FREE estimate of how much your home is worth, contact The Gus Anthony Team.
Tel: (703) 818-1886
43777 Central Station Drive, Suite 390, Ashburn VA 20147
Affiliate of Pearson Smith Realty