Why You Shouldn't Wait Until Spring To Sell Your Home

As you think about the year ahead, one of your biggest goals may be moving. But, how do you know the timing of when to make your move? Spring is usually the peak of the homebuying season, but you don’t actually need to wait until then to sell. Here’s why.

1. Take Advantage of Lower Mortgage Rates

Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. This downward trend in rates is making moving more affordable now than it was just a few months ago.

Another reason today’s rates make now a good time to sell? There are a lot more buyers jumping back into the market! Many people have been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. What does this mean? Well, it means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:

“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”

2. Get Ahead of Your Competition

Right now, there are more people looking to buy a home than there are houses for sale, which puts you in a great position. Keep in mind though, with the recent uptick in new listings, we’re starting to see more sellers re-entering the market.

Listing your house now helps you beat your competition and makes sure your house will stand out among the others. Not to mention, if you work with an agent to price it right, it could sell a lot faster with multiple offers. U.S. News explains:

“When there is low housing inventory, sellers could get top dollar for their homes.”

3. Make the Most of Rising Home Prices

Experts forecast home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. This would give you the opportunity to buy your next home before it gets more expensive.

4. Leverage Your Equity

If you are a homeowners today, chances are you have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity!

If you’ve been waiting to sell because you were worried about home affordability, you should know that your equity can really help with your next move. The equity you currently have in your home might even cover a big part, or maybe all, of the down payment for your next home.

Bottom Line

If you're thinking about selling your house and moving to another one, connect with me to get the process started now so you can best be positioned with a leg up on your competition.

We hope this has been helpful and given you some insight and even eased any anxiety about the state of the market and mortgage rates. If you’re thinking of listing your property, or if you don’t own a home, condo or townhouse, and you’re interested in buying, let me know so I can help walk you through the current market conditions. I also have several resources and referrals from my many years of success in the industry that can assist you on this journey too. As a 12 year, Five Star Professional Real Estate Agent, knowing that no matter what is happening in the economy and interest rates (and especially now), you need an exceptional real estate broker on your team…and you’ll be in great hands with my team and me!

Please reach out, I’m here to assist and help you “move forward,”

Teresa Catania, Broker
West + Main Homes Oregon
Bend Oregon | Central Oregon | Portland Oregon
503-740-3293
teresa@teresacatania.com