There are several reasons why now may be a suitable time for you to sell your house. Depending on your situation, here is what you should consider in your decision:
Historically, spring and summer are when buyers start shopping for their new home, but so are fall and winter. The geographic location and climate where your home is located should determine when you should list your home. But remember, following home season cycles may mean you may have more competition. Do your research online or talk to a realtor before making your decision.
Over the past year, surplus buyers and low inventory have resulted in bidding wars and higher home prices. While this has benefitted sellers in the past, not all geographic areas are still experiencing low inventory.
The Fed is working to lower inflation by raising interest rates which impact the interest rates on mortgages. The average rate on a fixed rate 30-year mortgage is 5.54%, significantly higher than one year ago. Rising interest rates may keep some borrowers out of the market if their increased monthly payment no longer qualifies them for a mortgage. You may consider how rate increases may impact your ability to sell quickly.
Since home values have risen nationally, you may have a record level of equity at your disposal. You can use the extra funds to purchase a new home, expand your real estate portfolio, or invest in other wealth-building strategies.
If you put your property on the market, there’s a possibility it will sell quickly for the top dollar, given the current housing market. If you decide to sell your primary home, you may have to pay more to live in a comparable property.
According to Bankrate, there are signals to look for to determine the appropriate time to sell your home:
Source- Should I sell my house now or wait? Bankrate.com
There is a lot to consider before deciding to sell your home. Your financial professional can help you investigate home trends in your area and determine an appropriate strategy for your situation and how selling your home now may impact your finances.
SWG 2306340-0822d The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be speciﬁc ﬁnancial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.
In addition, Safe Harbor Retirement Advisors specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!