Photo by Ketut Subiyanto from Pexels
The housing market is on fire right now. Here are a few reasons why you should sell your home this spring.Verify your mortgage eligibility (May 12th, 2021)
Reason #1 to Sell Your House: “The Shortage”
There is a very low inventory of homes for sale right now. There are several reasons why, but at the end of the day the reasons don’t matter. What matters is that the people who are willing to sell their home, are generally able to get a great offer.
It’s simple economics, like what we learned in high school. When the supply for something is high, the prices of that material tend to go down. People aren’t willing to pay as much because they have a lot of options.Verify your mortgage eligibility (May 12th, 2021)
Likewise, when a good’s supply is low, the price goes up. There are fewer options, so people are willing to pay more to get their hands on that type of good.
The current shortage is insane. In some areas, it’s being reported that sellers are getting more than $100K above their asking price!
If that alone doesn’t encourage you to sell your house right now, there are a few other reasons you should consider it.Verify your mortgage eligibility (May 12th, 2021)
Reason #2 to Sell Your House This Spring: Low Rates Won’t Last
Part of the frenzy right now is that interest rates are incredibly low. The Fed has kept rates low to spur on the economy, which is great. Low rates allow people to buy “more house” with the same amount of money. Or, they can purchase a house at the same price and use that extra money to go toward other things.
For example, a $400,000 house with an interest rate of 4% on a 30-year mortgage would be about $1,910 per month. That same house on a 3% interest rate would have a payment of $1,686 per month – over $220 per month in savings.Verify your mortgage eligibility (May 12th, 2021)
What could you do with that extra $79K in savings over the next 30 years?
But these rates aren’t going to last forever. We don’t know when they’ll go back up, but it will be soon. So if you plan on selling your home and buying a new one with these low rates, now is the time!
Verify your mortgage eligibility (May 12th, 2021)
Reason #3 to Sell Your House This Spring: You’re Ready for a Change
This one isn’t about timing the market. It’s not about making a ton of money by selling your house. It’s not about trying to take advantage of low-interest rates.
It’s about being real with yourself.
Have you been thinking of moving? Maybe you have a growing family and want a bigger house. Maybe your last kid is about to head out to college, essentially making you an empty nester so you want to downsize. It could be you want to be closer to work, or have a house on a lake, or live closer to family.Verify your mortgage eligibility (May 12th, 2021)
If you want to move, now is a good time. Yes, there are other advantages to selling your house right now as we talked about earlier. But also just embrace the fact that if it’s something you want, you can do this now.
And when you’re ready to buy your next home, give us a call at (877) 306-0222! We’d love to help you take advantage of today’s great rates.Show me today's rates (May 12th, 2021)