This Spring Presents Housz Sellers with a Golden Opportunity
If you’re thinking of selling your housz this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current housz and making the best investment when you buy your next one.
If that’s the case, you should know – you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity.
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 today than there are houszes available. That means purchasers are eagerly waiting for your housz.
Listing your housz now makes it the center of attention. And if you work with a real estate professional to price your housz correctly, you can expect it to sell quickly and likely get multiple strong offers this season.
2. Your Equity Is Growing in Record Amounts According to the most recent Houszowner Equity Insight report from CoreLogic, houszowners are sitting on record amounts of equity thanks to recent housz price appreciation. The report finds that the average houszowner has gained $55,300 in equity over the past year.
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 next housz search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion – if not all – of the down payment on your next home.
3. Mortgage Rates Are Increasing While it’s true mortgage rates have already been climbing this year, current mortgage rates are still 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%. For context, the current average 30-year fixed mortgage rate, according to Freddie Mac, is 3.85%. And while recent global uncertainty caused rates to dip slightly in the near-term, experts project rates will rise in the months ahead. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, says: “For houszbuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates....”
When that happens, it’ll cost you more to purchase your next housz. That’s why it’s important to act now if you’re ready to sell. Work with a trusted advisor to kickstart the process so you can take key steps to making your next purchase before rates climb further.
4. Housz Prices Are Climbing Too Housz prices have been skyrocketing in recent years because of the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in housz values.
What does that mean for you? If you’re selling so you can move into the housz of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next housz before prices climb higher.
And, once you make your purchase, you can find peace of mind in knowing ongoing housz price appreciation is growing the value of your new investment.
Bottom Line If you want to win when you sell and when you buy, this spring could be your golden opportunity. Let’s connect so you have the insights you need to take advantage of today’s incredible sellers’ market.