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Home sellers, I know what you’re thinking: should I sell now or wait a year? How can I turn a rich profit from my home sale? Well, here at the Brandon and Lana team we know that if you’ve been thinking about selling your home this year, you probably want to get the timing just right. The very last thing you want to do is sell your home at the wrong time in the market and wind up dwindling your profits.
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Whether you’re attempting to sell your own home or you’re a real estate investor who has been deliberating selling your rental property to free up cash, you want to know what market you’re walking into.
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To meet this goal you may want to consider listing your home now rather than later. Read on to learn just why it is us real estate experts who believe this!
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First of all,
one of the biggest factors in navigating the real estate market is COMPETITION. As of right now, the inventory of unsold homes since August has fallen to 1.28 million, a 1.5% decrease from July. According to the National Association of Realtors, until August, home inventory had been steadily increasing for nearly five whole months! Now that the number has dropped a bit, sellers like yourself have a prime opportunity to slip into the market right now while there is less competition.
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The rising mortgage rates
are another factor that you must consider when you make the decision to sell your home NOW. These rates are only increasing which is pricing more and more homebuyers out of home ownership. Buyers are aware of this and are getting in now while they still can, if only to refinance at a later date. September 21st of this year saw the Federal Reserve raise the interest rate by another 0.75%, marking the third consecutive rate hike at that number. The Federal Reserve is set on attempting to soften the blow of inflation and plans to continue their trend of aggressive rate hikes until living costs begin to drop to more modest levels. Though, that is an unsure timeline and the only sure thing you can count on is that now is the best time to sell your home this year.
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Lastly, please consider
that we Americans may unfortunately hit an official recession. Ever since the massive impact of the Coronavirus pandemic on the economy, economists have been predicting a recession caused by the Federal Reserve’s interest rate hikes. Though the Fed is hoping that rising borrowing costs will result in a natural pullback from consumers to bring inflation down, consumer spending is likely to drawback sharply which will lead to a period of economic distress.
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When buyers are worried about losing their jobs, they aren’t typically thinking about buying homes any longer. And when worst comes to worst, and potential homebuyers DO lose their jobs, all of the buying power they once had is taken away from them.
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There’s no guarantee that we will hit a recession next year, that interest rates definitely will rise, or that low competition will thrust your listing into a golden closing, but our experts on the Brandon and Lana team are trained to anticipate these things and make educated decisions in YOUR best interest. Don’t hesitate, call the Brandon and Lana team today and see what we can do for your home listing!
