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If you’ve been thinking about selling your home, you might want to hop off the fence and get busy. The U.S. is still experiencing a housing shortage and it’s making it hard for buyers across the nation to find a home. If you want to sell, your time is now.
Relatively smaller homes are usually smart moves for first-time homeowners, so small starter homes are moving the fastest. These normally economically-priced homes offer a chance to build equity for new homeowners. If you want to move out of your smaller home to something bigger, you won’t have any problem moving your home fast.
Additionally, homeowners of all stages of ownership typically move an average of every five to seven years. New jobs, bigger homes, downsizing, and life changes are the biggest reasons people move. So get moving!
Interest Rates Are Moving Down
Interest rates zoomed up in the last couple of years, hitting a high of 7.79% in late October, according to Freddie Mac but rates have dropped since then, hovering around 6.7%. Experts predict that rates will decline each quarter in 2024, predicting that they will decline to around 6% by the end of the year. That’s good news to you if you want to buy a new home and super news to buyers who are hungry to get into a new home.
Tap Your Equity
Check your equity! Call a real estate agent to get a free comparative market analysis, or CMA, of your home. Then grab your last mortgage statement and compare the two. Subtract what you owe from the market value of your home. That’s a relative idea of how much equity you’ve earned. If there’s enough for a down payment on a new place and you’re interested in moving, then it’s a good time to sell your home.
Maybe your mortgage payments, taxes, and insurance are a drag on your finances. Or maybe you’re an empty-nester with too much home to maintain. If you think you have too much home, you probably do. If you’ve been in your home for a while, your equity may pay for a new home and give you cash in your pocket. Living free and clear in a new home can provide a lot of stress-free security at any time in your life.
Better Agent Rates
If there is a shortage of homes to sell, then agents and brokers aren’t working. The only way these professionals make money is to bring buyers and sellers to the closing table. If you think you want to sell your home, you might consider reaching out to a local agent and ask them about their commission. They might be willing to give you a nice discount on their service.
The Bottom Line
If you are emotionally and financially ready to sell your home, the time to sell is now. To start, simply reach out to a local experienced real estate professional. They can provide advice about your market and your profit potential. Partnering with a real estate professional.