Friday, May 4, 2018 / by Josh Cooley
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As a listing agent, people always ask me, “Is now a good time to sell?”
While the answer will vary depending on your circumstances, I say that now is a good time to put your home on the market.
We’re currently seeing an incredible shortage of inventory. There aren’t enough available homes for the number of buyers in our market, and this high level of demand has caused prices to steadily increase over the past few years.
Interest rates are another key factor in today’s market. Right now, rates are sitting between the mid- to high-4% range. While this is a rise from recent figures and two more rate hikes are expected by the end of 2018, current rates are still very low compared to historical averages.
This impacts sellers because for every 1% that interest rates rise, buyers in the market will have 10% less purchasing power. So buyers who are pre-approved today for $300,000 may only be able to afford $270,000 if rates rise even just 1%.
So if you’re thinking of selling, realize that right now is your chance to get the most equity out of your home. Don’t miss out on this opportunity.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.