Have you recently considered selling your home? If so, your timing is crucial. Likely, your goal is to get the most from the sale of your current home and make the best investment in your next property.
4 reasons this spring is the time to sell
This spring is the perfect time to sell your current home and find your next house! There are four main reasons why this spring is the ideal time to get the most from the sale of your home and acquire a significant investment in your new property.
#1. Inventory is Low
The limited supply of houses continues to drive a red-hot seller’s market. As long as there are more buyers than available homes, sellers have more power.
Working with a Northern Virginia real estate agent, who knows the market, will get your house priced accurately. You can expect multiple offers that may be over the list price.
#2. Equity is at an All-Time High
Thanks to recent home price appreciation, Northern Virginia homeowners are celebrating record amounts of equity. Homeowner Equity Insight released its quarterly report earlier this month, revealing the average American homeowner has gained over $50,000 in equity during the past year.
Having a large amount of equity can help pave the way for homeowners to afford their next move. If you want to sell your Northern Virginia home to purchase a new home but are concerned about the rising prices of homes, your gained equity can help you make that move. Check your home equity here.
#3. Home Prices are Increasing
In Northern Virginia and across the country, home prices have gone through the roof because of the vast disparity between supply and demand in recent years. As long as there are fewer available homes on the market than buyers, this rise in home values will continue.
What this means for homeowners considering selling and buying a new home is they have an opportunity to leverage their growing equity and purchase their new home before home prices increase even more.
#4. Mortgage Rates are Rising
Mortgage rates have been climbing since record-breaking lows in 2020. However, rates are still well below what they have been in the last few decades.
Recently, Director of Forecasting for the National Association of Realtors (NAR), Nadia Evangelou, said, “I anticipate the 30-year fixed mortgage rate to hover around 3.9 percent next month, with the 15-year fixed-rate between 2.9 percent and 3.0 percent,”
What does this mean for sellers who have been considering selling their homes and purchasing a new one? It means the time is now - before rates climb further.
Take Advantage of Today’s Seller's Market
With an increase of equity in your home, a low inventory of homes on the market, and low-interest rates, this spring is the best time to take advantage of this extraordinary seller’s market.
If you are interested in learning more about the benefits of selling your home this spring, contact a knowledgeable Glass House Real Estate Agent.