Why You Can Feel Comfortable Selling Your Home NOW!

Headlines and well-meaning friends can quickly say, “What!?? Listing your home now with these high rates and inflation?!”?

But maybe circumstances require that you move, or life may be telling you that your current home just doesn’t cut it anymore.? Your goals and your priorities are the most important.? It’s just also critical to arm yourself with some facts and possibilities for leveraging your own personal situation.

Consider:

None of us truly have a crystal ball, but the current number of buyers looking remains significantly higher than the number of properties for sale.? According to Freddie Mac, 18% of survey respondents say they’re likely to buy a home in the next 6 months.? With our historically low inventory, some buyers are having a tough time finding a home that meets their criteria. ? Never know .? . . your home may be just what someone is looking for!

Headlines in the past 6 months often referred to another “Housing Bubble" that’s about to burst with home prices declining.? In some big cities that had incredible growth of population and insane pricing on real estate during the pandemic, prices may have declined for a short time after the mad rush. ? However, even in the press, that tune is now changing because obviously overall home appreciation is holding . . . and in some locales, even gradually climbing.? The Home Prices Expectation Survey (HPES) from Fannie May surveys over one hundred economists, and market strategists.? These experts project home prices to rise 2.35% over 2024 and by increasing rates through the next 5 years.? In South Carolina midlands, this is definitely true. ? For example the CMLS (Columbia Midland’s MLS) reported a Median Sales Price Increase of 1.8% for the month of December, 2023 and a 2.3% increase as compared to December of 2022.

Mortgage rates are generally in the 6 - 6.9% range (individual circumstances can definitely differ) and yes, most experts expect them to come down . . . but it’s impossible to know when.? Buyers are now settling into this acceptable range——better than last fall and much better than the overall historical average (before the pandemic.)? Remember, as more buyers flood into the market, more will start to list their homes . . . so do you want to be in the middle of selling competition or perhaps a bit ahead of it?!? Selling and Buying is quite a process, so it’s possible that you can sell your current house for top dollar and leverage your equity to make your next purchase still at an advantageous interest rate before home prices climb even higher.

Speaking of equity . . . According to CoreLogic, the average homeowner is sitting on around $300,000 in equity. And if you’ve been in your house for a while, you may have a lot built up too. Think of unlocking that potential, whether it's kickstarting a business, investing in education, or making your next move.

Real Estate is LOCAL and different markets reveal different statistics. ? Your favorite real estate professional can guide you through these nuances in your specific area. ? And yes, timing can matter.? However, trying to “TIME” any market (stocks or housing) can prove to be futile.? And even if you’re not ready now, it might be time to ask questions.? You need to know how to stand out in the market and command the premium price!? Try spending some Time IN the market with a real estate professional alongside you! ?