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Should I Sell My House Now?

With summer approaching, most home sellers would be jumping at the chance to list their homes for sale. When schools are out and the weather is hot, homes are listed much more often than at other times of the year. However, there is continued uncertainty about the current market that is causing people to question whether now is the time to sell.

And what does it all mean? Do the current market and housing trends warrant the sit-and-wait-it-out strategy?

Let’s take a look at what the experts are saying…

Low Inventory = Seller’s Advantage

According to The Daily, “Inventory in February was up 15% over the same period in 2023, it’s still unusually tight, which is helping boost prices for sellers in some markets.” Yun from The Daily says, “Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.” For sellers, historically low inventory remains in their favor. With the lack of options, your property becomes more valuable and the likelihood of increased offers over asking price is highly probable. Remember that new listings get more attention in a slim market. Take this information into consideration as you are considering selling.

Buyers are eager, Sellers are slim

According to The New York Times, mortgage applications were up 10 percent from the previous month. The fact that there are more eager buyers than sellers is going to keep housing prices at a competitive number. Sellers can have confidence that their home will sell for asking or above the asking price in the current housing market.

Reasons to sell:

● Relocating: Are you being relocated for work or planning to retire to a new location? If so, selling likely makes the most sense for your upcoming move. The profits from your current home are often needed for the purchase of your next home in your new city. Selling is unavoidable and wise in these circumstances.
● Low inventory: As mentioned before, low inventory is a huge incentive to sell your home. You can be competitive in your asking price and receive a great offer. Typically you will receive multiple offers in a low inventory market, this will result in a timely closing and a great profit.
● Ready to down or upsize: A large reason many people sell is their needs for space change over time. Consider empty nesters, they might not need a 5-bedroom house and would like to downsize. Selling makes sense in this situation. Maybe, your family is growing and you need more rooms and a larger backyard. Selling your current home to afford the next step up in a house is the right move.
● Your local market is hot: Neglecting your current market is one of the biggest mistakes that you can make as a seller. You must feel the climate of where you live to know if selling is going to be right for you. A realtor is a must to help you navigate your local market and crunch the numbers. All markets vary at different times. If you simply base your decision not to sell off an article that says the overall real estate market is dry, you could be missing out on a great opportunity. Local markets matter, check yours out and be sure that you are in a hot one.

Selling in any market can be overwhelming. It is a highly personal decision that takes planning and careful consideration. The overall climate of the current real estate market is favored by sellers. Take some time to research your local market and prepare your home to sell. Most importantly, reach out to your local agent, and let them guide you through the next steps of the selling process!

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