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Now’s a Great Time To Sell Your House

Beyond Realty

Now’s a Great Time To Sell Your House

Now’s a Great Time To Sell Your House




Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move.

Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise (see graph below):

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Why Are Sellers Feeling so Optimistic?

One reason why is because right now is traditionally the best time of year to sell a house. A recent article from Bankrate says:

“Late spring and early summer are generally considered the best times to sell a house. . . . While today’s rates are relatively high, low inventory is still keeping sellers in the driver’s seat in most markets.”

These are the seasons when most people move. That means buyer demand grows. And because there still aren’t enough homes for sale to meet that demand, sellers see some serious perks. According to Rocket Mortgage:

“Homes that are listed at the end of spring and the beginning of summer typically sell faster at a higher sales price.”

What Does This Mean for You?

More sellers are coming to realize conditions are ripe for a move. And that’s one reason why we’re seeing more homeowners put their homes up for sale. If you think you might want to get in on the action, it’s a good idea to start preparing.

A local real estate agent can help you get your house ready by offering advice on how best to fix it up and make it appealing to buyers in your area.

They also know if you list during the peak buying seasons of spring and early summer, you might sell quickly and for a higher price.

Bottom Line

If you list during the spring and early summer, you might sell your house quickly and for a higher price. When you’re ready to make the most of today’s seller’s market, let’s get in touch.

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Why Most People Are Still Glad They Bought a Home With everything going on, it’s understandable if you’re wondering if you’d regret buying right now.  Everyday expenses cost more. Mortgage rates are higher than you’d like. And when the economy feels uncertain, taking on a mortgage can feel like a much bigger leap. But here’s some perspective that may help… Most people who already made that leap would do it again. According to a recent survey from NerdWallet, the vast majority of recent buyers (74%) were glad they bought their current home. Only a very small 3% of people regret it: And here’s a big reason why so many people feel it was worth it, even now. Homeownership Is a Long-Term PlayWhen you’re deciding whether to buy, it’s easy to focus on what’s happening right now. What’s today’s mortgage rate? Are prices going up or down? Those things matter. But don’t get so caught up in buying in the perfect moment that you miss the bigger picture. A home isn’t typically something you buy for just a year or two. It’s a longer-term play. And when you zoom out, it all starts to fall into perspective – especially if you look at home prices and equity. According to data from the Federal Housing Finance Agency (FHFA), home prices nationally have risen 33.4% over just the past five years (see map below): And that appreciation has helped current homeowners build some serious wealth. Research from Bankrate shows homeowners gained an average of nearly $150,000 in wealth over the past five years as equity steadily rose across 90% of major metro areas. That’s one of the biggest benefits of homeownership. As you pay down your mortgage and your home appreciates over time, your ownership stake – your equity – can grow. Now, Zoom Out Even FurtherThe five-year numbers are impressive. But the numbers get even more dramatic when you look at decades instead of individual market cycles. FHFA data shows home prices nationally have risen 336% since 1991. Sit with that for a second. Three hundred percent (see map below):   That doesn't mean prices go up every single year. And it doesn't mean buying is automatically the right decision for everyone today. You should only buy when the numbers (and the payment) work for you. What it does show is why trying to perfectly time the market can make you miss the bigger picture.  Over time, homeowners gain a lot of equity. And that equity can eventually become a powerful financial resource. As Freddie Mac explains:  “Your home's equity is part of your total wealth as a homeowner. If you decide to sell your home, the equity you have built over time will come back to you in the sale. . . If it's time to upsize or downsize, you can use that cash for the down payment on your next home.” Basically, if you can afford to do it, buying a home now could set you up for future moves. And just in case you’re someone who’s worried about what happens if prices do fall, after you buy, remember: you’re not buying for one year. Prices can dip. They have before. But historically, they’ve risen far more over the long run. And the longer you own your home, the more time you have to ride out those ups and downs and keep building equity. Bottom LineDon’t let today’s uncertainty make you lose sight of what homeownership can do over time. Most homeowners say they’d make the same choice again. And decades of home-price growth help explain why. If you’re wondering whether buying makes sense for you right now, let’s look at the numbers together – and what owning a home could mean for you in the years ahead.

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