Here are five practical reasons why selling your home now is a good call.
Lately, I’ve received tons of questions and comments from folks wondering whether now is the right time to take advantage of the market and sell for top dollar. While there’s no objectively “right” time to sell since we all have different needs, here are five points to consider when deciding what’s best for you and your family:
1. The value of your home could be at its peak. Of course, no one can see into the future, but I do have some stats to back up this claim. We’ve experienced an average appreciation of 6.8% here in our Dallas-Fort Worth market over the last 20 years, which is great. However, in just the last five years, we’ve witnessed an average appreciation of almost 12%. Cashing out now would be a smart call.
2. These low interest rates help you as a seller. Most people who sell their homes have to turn around and re-enter the market as a buyer. These rates (currently around 3%) will help you lock in a low monthly payment on your new home. I’ve seen some people snag rates below 3% on investment properties, which is unbelievably low. Additionally, the buyer pool for your home is growing because these rates are virtually offsetting price growth and boosting purchasing power. At the very least, if you don’t sell now, you should consider a refinance.
“Demand is dramatically outpacing supply.”
3. There is less competition. We’re working with one month of inventory at the moment, meaning every existing home for sale would be off the market in just 30 days if no new homes were to be listed. Demand is dramatically outpacing supply; buyers simply don’t have enough options to choose from. If you like the idea of selling in an environment that lets you set the terms you want, now is the time to act.
4. You can sell quickly. Seven or eight years ago, I had to tell my seller clients that they had to keep their homes in show-ready condition for up to 180 days—that’s how long it was taking for properties to move on the market. Nowadays, we’re looking at two to three weeks on average. Of course, it’s different for every property, but the vast majority of sellers who set an appropriate price and prep for the market will garner multiple offers in no time.
5. Personal choice. Again, only you know what’s best for you and your family. Life happens fast, which is why “timing the market” isn’t really a thing. My sole goal with content like this is to provide you with the relevant market information to make the most informed decision possible.
If you’re unsure whether you want to sell, please feel free to reach out to us. We’ll take a look at your specific situation and work through the pros and cons with you. As always, if you have questions or concerns about any other real estate topic, we’re here to be a resource for you. We look forward to hearing from you soon.