Why Now is the Best Time to Sell Your Home
For the best move of your life.
Spring is in the air. The upside? It's a great time to sell your home. The downside? Well, allergies. And mowing the lawn. And humidity. But let's focus on the positive — selling that house. Below are some reasons it's time to at least think about put your home on the market.
There simply aren't that many houses currently for sale, which means you're on the right end of supply vs demand. According to the National Association of Realtors (NAR), the level of unsold homes is just a shade under five months. That means it would take less than that amount of time for all available houses to be sold. Typically the unsold home level is between six and seven months. Sellers are in the driver's seat.
While mortgage rates are currently low, some experts have predicted that they will soon be on the upswing. The Federal Reserve even hinted that this summer interest rates could go up for the first time in nine years. When people think interest rates are about to go up, they tend to hit the market looking to secure a home before the numbers get too high. Again, that argues for listing sooner rather than later.
Rental prices have jumped about 15 percent in the past five years, according to the NAR. Ouch. Just like the rising interest rates, this could prompt current renters to rethink their stance. "Every time there's an increase, it triggers the decision processes on whether [renters] should go into the market and buy," Coldwell Banker Real Estate CEO Budge Huskey, told CNNMoney "It allows others to move up the chain in the market."
Article was written by Chris O'Shea for SavvyMoney®.