If you find yourself longingly looking at real estate listings, or spending too much time watching Love It or List It, maybe it’s time to start considering selling your property. The “seven year itch” is a very real thing, with the average American only staying in their home for eight years at a time. If you’re craving change, and dreaming of greener pastures (or vaulted ceilings), moving into a new home could be the best opportunity for you.
Peak real estate selling season being May through August, read through these factors to determine if you’re ready to take the plunge today.
1.Your Home No Longer Suits You
If you’ve lived in your home for a few years, it’s very likely you’ve had a few lifestyle changes throughout your tenure. Job changes can easily make a once perfect location into a commuting nightmare, or maybe the beautifully landscaped backyard retreat now looks out at your neighbor’s new meat smoking shack.
Whether your residence is much too large now, much too small, or just no longer convenient, it could be the perfect excuse to change location.
2. Interest Rates Are Historically Low
According to Mortgage Bankers Association from 2015 to 2017 the average mortgage interest rate hovered somewhere in-between 3.5% to 4%. This historically low interest rate created a large pool of potential home buyers, meaning the likelihood of selling a home was much greater.
Knowing this, it would be in your best interest to take advantage of those seeking to buy a home while it’s affordable.
Interest rates are expected to rise up to 5% through 2019, meaning the longer you wait to list your home, the less potential buyers there will be for it.
3. Home Prices Are Increasing
While it may seem paradoxical that home prices increasing is a good thing to someone trying to sell their home, rest assured it is a very positive thing. CNN Data suggests that the average home price has steadily increased almost 3.2% a year since 2014, and increased by 5.5% in 2017. Especially for those looking to downsize, it would be relatively easily to sell your home for a profit and be able to use that margin as a down-payment on a new home.
Learn the value of your property with our helpful guide here.
4. It’s A Seller’s Market
Timing is everything, and if you’re looking to sell your home now is the time to do it. It is currently a seller’s market, which means there’s a strong demand for homes but a limited amount of listings. As the millennial generation matures they are expected to join the buyer’s market and almost double the pool of potential buyers, putting stress on a market already experiencing shortage.
With very few listings, especially for first time buyers, your home could be sold within a matter of
Take Advantage of this Hot Market!
While selling your house can seem daunting, there’s no need for it to be.
If you’re only staying in your home because you feel overwhelmed at the process of listing and selling, let Century 21 Frontier Realty assist you!
With over 50 years of experience we have the expertise needed to make selling your home as easy as it can be. Contact us to get started selling your home today!