When is the Best Time to Sell Your Home?
You may have heard many different opinions about when the best time to sell your home is. Spring? Summer? Fall? The fact is there are several factors that determine when it’s a good time to put your home on the market. Mainly, there are four criteria that are pretty solid cues that it may be time to sell:
- Low Inventory
- Low Interest Rates
- Rising Home Prices
- And Warm Weather
Take a look at this list and then talk to Agent about listing your home.
When Inventory is Low
During the height of the housing collapse, buyers had their pick of the litter with an overabundance of homes for sale all across the country. It’s when inventory is low that sellers have the advantage. If you are one of only a few people looking to sell in your area, you could find yourself smack dab in the middle of a bidding war!
If you have been thinking about selling your home, ask your agent about the inventory in your area. What is the current rate of home sales where you live? How many foreclosures? Is demand high for new homes? If housing supply is limited, now may be the right time for you to sell.
When Interest Rates are Low
A drop in interest rates often spurs on-the- fence buyers to finally make their move. If you’ve been thinking of moving up or downsizing, you may want to put your home on the market soon so you can start your search for a new one and take advantage of low interest rates.
Depending on the type of mortgage you take out, you could lock in a very low interest rate. That could mean paying less than 5% interest on your new mortgage over the term of your loan.
That is excellent news considering that the interest paid on a 30-year mortgage is only second to the principal on your mortgage in terms of cost. Wouldn’t it be great if you could knock off several thousand dollars in interest over the life of your loan? Check with agent to see just how much you could save with a low interest rate.