Don't Wait to Sell

By
February 02, 2024

4 reasons to sell your home before spring.

Don't Wait to Sell Your Home

As you contemplate the year ahead, one of your significant objectives may involve relocating. However, determining the optimal time for this move can be a challenge. While spring typically marks the peak season for homebuying, waiting until then to sell is not strictly necessary. Here's why:

1. Seize the Opportunity of Lower Mortgage Rates

Last October saw the 30-year fixed mortgage rates reach a peak of 7.79%. However, in January, they hit their lowest point since May. Consequently, you may find yourself less constrained by your current mortgage rate. The declining trend in rates has rendered moving more financially viable than it was just a few months ago.

Furthermore, today's rates make it an opportune time to sell due to increased buyer activity. Many potential buyers had been awaiting rate reductions before committing to the market. With rates now falling, buyer interest has surged. 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. Stay Ahead of the Competition

Presently, there are more prospective homebuyers than available houses, placing sellers in a favorable position. However, it's worth noting that with the recent rise in new listings, more sellers may re-enter the market soon.

Listing your property now allows you to outpace competitors and ensure your home stands out. Moreover, with the assistance of an agent in pricing it appropriately, your home could sell quickly and attract multiple offers. As U.S. News explains: "When there is low housing inventory, sellers could get top dollar for their homes."

3. Capitalize on Increasing Home Prices

Experts predict that home prices will continue to rise throughout the year. What does this mean for you? If you're considering selling your current home and purchasing another, it may be prudent to act now before prices escalate further. This affords you the opportunity to acquire your next home before it becomes more expensive.

4. Utilize Your Equity

Present-day homeowners possess substantial amounts of equity. In fact, according to a recent report from CoreLogic, the average homeowner with a mortgage holds over $300,000 in equity.

If you've delayed selling due to concerns about home affordability, recognize that your equity can significantly facilitate your next move. It might even cover a significant portion, if not all, of the down payment for your next home.

In Summary

If you're contemplating selling your home and transitioning to a new one, reaching out to a local real estate agent now can initiate the process and provide you with a competitive advantage. Contact Alaskan Properties at (907) 694-3434 to start the home-selling process!