As fickle as the current housing market is, many homeowners are itching to get into the spring market. We understand why spring represents this magical time to so many real estate consumers. It’s the best time to sell a home.
If you’ve followed the news lately you know that interest rates have risen and could rise again throughout the year. These hikes and potential hikes have created a new sense of urgency among homebuyers. If you’ll be buying another home after selling your current home, you, too, should be feeling some urgency. After all, you’ll be a buyer when your house sells.
Of course, we have no way of knowing when the next interest rate increase will come, which is why we are urging our clients, who hope to sell in spring, to get their home on the market as early in spring as possible to avoid any unpleasant surprises.
What you’ll need to do
Let’s get a market analysis done now. We need a ballpark figure for you to take to a lender, so he or she can present financing options for buying your next home.
In this market, the worse thing you can do is sell your home without a plan and pre-approved loan amount for your next home. This step will ensure you are ready when the perfect house pops up in this fast moving market.
Spring officially arrived on March 20, 2023, and lasts until June 21. Starting your preparations to sell right now gives you plenty of time to get the home ready for the market. If your home needs repairs, spend some time during the weekends to get those knocked out. We will discuss a staging plan to show off your home to its fullest advantage, ensuring your home’s highest price.
Again, don’t wait
“When interest rates are moving up, waiting to sell could end up costing more than selling sooner and locking in today’s rates. Waiting to sell could also mean having to wait to buy when there are even fewer homes available,” warns Jonathan Smoke, chief economist for realtor.com.
He goes on to suggest that the market is in flux. “As rates continue to rise, higher financing costs will eventually dampen demand.”
If you don’t want your house numbered when demand dries up, get it on the market before rates rise again. Spring, and even summer, is the perfect time to sell.
