As you’ve probably already heard, our real estate market is on fire. That said, here are the top five reasons now is the perfect time to sell your home:
1. Reduced interest rates. To aid the economy, interest rates on loans have been significantly lowered. The thing is, that won’t last much longer. Ever since the start of 2021, rates have slowly risen, and by the end of the year, we’ll probably be hovering in the 4% range again. As rates increase, home-buying demand will lessen.
2. Less competition. When the coronavirus shut down the world economy, we thought that would have a major negative impact on home sales. Thus, it was assumed that prices would completely bottom out, but that wasn’t the case. Fewer people put their homes on the market, but buyer demand didn’t decrease, and we saw a bidding war frenzy ensue. We’re seeing homes sell for way over asking price, which means more money in your pocket.
3. Virtual tours. These have become a major solution for home sellers, especially since the pandemic started. Homebuyers started making offers after only seeing homes virtually, and virtual tours are still a major resource for homebuyers because agents have been conducting them for their clients. If you still have COVID-related concerns, virtual tours are a great way to maintain safety protocols.
“Since the start of 2021, rates have slowly risen.”
4. Seasons no longer play a major role in influencing home sales. In the past, the spring and summer months were usually the best times to sell a home. Here in Texas, that meant May, June, and July, but that’s not the case anymore. With inventory this low and many families able to work and school from home, we’re not seeing the typical seasonal demand. Instead, demand has been steady over the past year.
5. Record real estate sales. At the start of the pandemic, it was predicted that the real estate market would take a major hit due to the unstable job market. We didn’t know how long it would take the economy to recover, but it’s been more than a year since COVID first hit, and the U.S. is reporting the strongest housing prices since 1996. In just one year, prices have risen 7.8%, which is the highest climb in over a decade.
If you have concerns about buying a new home after selling your current one, my team and I have solutions for you. We have programs that can help you buy before you sell, or sell with a leaseback agreement so you can rent the home back while you search for a new one. If you’d like to take advantage of these programs or want to know what your home is worth, don’t hesitate to reach out to us. We’d love to speak with you.
