May 11, 2021
3 Reasons to Sell Your House This Spring
When looking to sell a home, it’s important to consider the most ideal time to list it. Many sellers have found that Springtime often offers the most benefits.
Recently received tax refunds, beautiful Spring weather, and the upcoming summer break for kids are some of the reasons NOW is the perfect time to sell.
While this season carries the same selling points as most years, there are currently some added benefits that will allow you to get the most for your home. It really is the perfect time to put your house on the market due to low interest rates and increased home sales!
Here are 3 more reasons to sell your house this spring.
There aren’t enough houses for sale
Houses are essentially selling as fast as they are hitting the market. According to the National Association of Realtors (NAR), the average house is on the market for only 21 days. The market is seemingly running out of houses for sale.
Why does the fact that there aren’t enough houses on the market mean that now is a good time to sell? Having a high buyer demand and a low supply of houses for sale means that the seller has the advantage. As a seller in the current market, you will be more likely to be able to negotiate the best deal for you since multiple buyers will likely be interested in purchasing.
With the market as it currently is, the seller has the upper hand in negotiations. With the demand for houses present, you have a greater possibility of getting the most out of your property. According to NAR, there is an average of 3.7 offers per house, meaning you can get the best possible contract.
Interest Rates won’t stay low
All pendulums eventually swing the other way. Over the past year, interest rates have continued to drop to record lows. However, this type of market won’t last forever. Eventually, interest rates will begin to rise, as we already have begun to see since the start of 2021. As interest rates start to increase, buyer demand will decrease. When rates begin to rise again, this could mean that many will choose to hold off on buying.
New Location Options
2020 brought about a plethora of changes to our daily lives and routines. One of those changes being that many people started working remotely from their own home. As the pandemic begins to turn around in a positive way, businesses are reevaluating when and if they need to bring their employees back to the office. A wide variety of companies have come to the conclusion that they are just as profitable with their employees working remotely as they are from within the office.
If you are now one of those that don’t have to physically be present in the office, you’ve now been given the freedom to live in places that you once couldn’t. Selling your house now might be the perfect opportunity to pack up and move to a location that you would enjoy rather than being tied to a place within a certain distance to your work.
It’s a great time to use your equity to find the perfect home
Equity is the difference between what you owe on your mortgage and what your property is currently worth. For example, if you owe $150,000 on your mortgage, but the current value of your house is $200,000, then you have $50,000 of equity.
2020 saw many houses increasing in value which led to many homeowners gaining a significant amount of equity. With the increase in your house’s value, the demand for homes on the market, and the record low-interest rates, you’re likely to walk away having profited from the sale. Selling your house knowing that you will profit means that you can use the equity gained to find a house that is just right for you and your family.
Over time what we need from our houses changes and the home we once loved is no longer what we need. During 2020 many people were working remotely and wished that their house had different features like a home office or more space in general. Using your home’s equity, you can find the house that checks all of the boxes for your family.
If you’re considering selling your house, there’s no need to wait any longer. The housing market belongs to the seller. Chances are, demand for houses won’t stay as high as it is right now, and interest rates won’t stay as low as they currently are. If you’re ready to sell, now is the time.
As always, let our team at Method Mortgage lead you to the smartest way home! Give us a call today!