Spring has finally sprung, not only with warmer weather but in the real estate world as well! If you are debating about moving up to your dream home, here are four reasons to sell your current home instead of waiting.
1. Buyer demand is high and inventory is low. Current numbers show that buyer demand is still high while inventory for sale is at a below average supply. Selling your home today can greatly increase exposure to buyers who are out in numbers and ready to act.
2. Prices will continue to rise. The current value of homes has been slowly increasing. Waiting for your current home’s value to increase before selling could price you out of your new home if you aren’t careful!
3. Mortgage rates are still near record lows. The mortgage rate for a 30-year plan has been rising slowly but is still under 5%. However, the Mortgage Banker Association, Fannie Mae, Freddie Mac and The National Association of Realtors are projecting that rates will rise over the next 12 months. Whether you are moving up or buying your first home, your financial experience will be very different in a year!
4. It is the best time to move on and up! Look at the actual reason you are buying and decide whether it is worth waiting. Mortgage rates are at historic lows, and housing prices will only rise from here on out. Now is the time to move closer to family or to the neighborhood you have been dreaming about.
If the right thing for you and your family is to move up to the home of your dreams this year, buying sooner rather than later could lead to substantial savings!
Source Credit: Keeping Current Matters