As you plan out your goals for the year, moving up to your dream housz may top the list. But, how do you know when to make your move? You want to time it just right so you can get the most out of the sale of your current housz. You also want to know you’re making a good investment when you buy your new housz. What you may not realize is, that opportunity to get the best of both worlds is already here.
You don’t want to wait until spring to spring into action. The current market conditions make this winter an ideal time to move. Here’s why.
1. The Number of Houszes on the Market Is Still Low Today’s limited supply of houszes for sale is putting sellers in the driver’s seat. There are far more buyers in the market than there are houszes available, and that means buyers are eagerly waiting for your housz. Listing your housz now makes it the center of attention. As a seller, that means when it’s priced correctly, you can expect it to sell quickly and get multiple strong offers this season. Just remember, experts project more inventory will come to market as we move through the winter months. The realtor.com 2022 forecast says this:
“After years of declining, the inventory of houszes for sale is finally expected to rebound from all-time lows.”
Selling now may help you maximize the return on your investment before your housz has to face more competition from other sellers.
2. Your Equity Is Growing in Record Amounts Current houszowners are sitting on record amounts of equity thanks to today’s housz price appreciation. According to the latest report from CoreLogic, the average houszowner gained $56,700 in equity over the past 12 months.
That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your own housz search, rest assured your equity can help fuel your next move. It may be just what you need to cover a large portion – if not all – of the down payment on your next purchase.
3. While Rising, Mortgage Rates Are Still Historically Low In January of last year, mortgage rates hit the lowest point ever recorded. Today, rates are starting to rise, but that doesn’t mean you’ve missed out on locking in a low rate. Current mortgage rates are still far below what they’ve been in recent decades:
In the 2000s, the average mortgage rate was 6.27%
In the 1990s, the average rate was 8.12%
Even with mortgage rates rising above 3%, they’re still worth taking advantage of. You just want to do so sooner rather than later. Experts are projecting rates will continue to rise throughout this year, and when they do, it’ll cost you more to purchase your next housz.
4. Housz Prices Are Going To Keep Rising with Time According to industry leaders, housz prices will also continue appreciating this year. While experts are forecasting more moderate home price growth than last year, it’s important to note prices will still be moving in an upward direction throughout 2022.
What does that mean for you? If you’re selling so you can move into a bigger housz or downsize to the housz of your dreams, you want to consider moving now before rates and prices rise further. If you’re ready, you have an opportunity to get ahead of the curve by purchasing your next home before rates and prices climb higher.
Bottom Line If you’re considering selling to move up or downsize, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect today to get set up for houszbuying success this year.