As you plan for the upcoming year, you might be considering a significant move. But when should you take the plunge? You may be wondering, “Should I sell my house now”? While spring traditionally marks the peak of the homebuying season in some areas, waiting for it is not a necessity. Let me explain why.
Spring is typically viewed as the prime time to list your home, but this is not necessarily the case in San Diego. Selling your house can happen at any time of the year. Sunny San Diego is a place where homebuyers are shopping year-round.
Seize the Opportunity with Lower Mortgage Rates
Back in October, mortgage rates were at their peak, soaring to a staggering 7.79%. However, as we stepped into January, they hit their lowest point since May. This significant drop means that you’re not as tied down to your current mortgage rate as you might have been. The consistent decline in rates has made relocating more cost-effective than it was just a few months ago.
What’s even more compelling about the current rate scenario is the resurgence of buyers in the market. Many potential buyers had been patiently waiting on the sidelines for rates to take a dip, and now that it’s happening, they’re enthusiastic and ready to make their move. This surge in buyer activity translates to increased demand for your home. According to Sam Khater, Chief Economist at Freddie Mac.
“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
Stay ahead of the competition in today’s real estate market
Currently, there’s a higher demand for homes than available listings, giving you a fantastic advantage. However, it’s worth noting that with the recent increase in new listings, more sellers might already be re-entering the market. The best time to sell your house in San Diego is when the inventory is still low. You gain an edge over your competitors and ensure your property stands out. Collaborating with an agent to set the right price can lead to a quick sale with multiple offers. As U.S. News points out:
“When there is low housing inventory, sellers could get top dollar for their homes.”
Sell My House With Increasing Home Values
If you keep asking yourself “Should I sell my house now”? Experts in the real estate market predict a continued rise in home prices throughout the year. What does this mean for you? If you’re considering selling your current home and purchasing another, it’s a smart move to consider making the change sooner rather than later, before prices climb even higher. Yes, your home may sell for more if you wait. However, the home you want to buy will be more as well, along with the possibility of competing with other buyers who don’t have a home to sell. This early action could provide you with the advantage of securing your next home at a more affordable rate, protecting your investment in the face of increasing property values.
Unlock the Power of Your Home Equity
Today’s homeowners are sitting on a goldmine of equity. According to a recent study by CoreLogic, the average homeowner with a mortgage boasts over $300,000 in equity – a substantial resource that shouldn’t be underestimated.
If you’ve been delaying your decision to sell your house, possibly due to concerns about affordability in the housing market, it’s essential to recognize the potential of your equity. This financial asset can play a pivotal role in your next real estate endeavor. In fact, it might be sufficient to cover a substantial portion, if not the entire down payment for your future dream home. By tapping into your equity now, you could be one step closer to achieving your homeownership goals with ease and confidence.
In summary
If you are still asking yourself the question, “Should I sell my house” and transition to a new home now, don’t hesitate to reach out to us. Let’s talk about the pros and cons of what it would mean to sell your house now or wait. Let’s connect right away to kickstart the process. This proactive approach will ensure you’re well ahead in the race to secure the best deals and opportunities in the real estate market.