Is now a good time to sell my house? With sky-rocketing home prices, we've heard that question a lot lately. As most people know, spring is one of the most popular times to put your house on the market. However, if you're wondering whether to list yours, it depends on several factors.
And while no one can perfectly predict the future, we're sharing tips that can help you decide. Here's what to look for if you’re considering putting your home up for sale.
Monitor interest rates
Mortgage interest rates have been at record lows for years, but they're starting to creep up. Even if the increases are small, the higher rates often slow the rate of home sales. So, if you're thinking about selling your home, watch interest rates closely. If they continue to go up, you'll want to list your place sooner before losing out on a larger group of buyers.
Watch your local market
What boosted home prices this past year was low inventory. Scarcity is a factor to keep an eye on in your area. If you see an uptick in homes listed for sale in your neighborhood and surrounding area, it'll be more challenging to get multiple offers on your home's listing. Talk to a knowledgeable local agent to get their take on current and future inventory levels.
Check on new construction
The pandemic created supply chain interruptions that continue to challenge homebuilders. With fewer construction materials available, fewer homes were built. That resulted in reduced inventory and higher home values. And while construction materials are now easier to come by, we're far from pre-pandemic supplies – which will help maintain the seller's market we’re in well into the new year.
Beware of iBuying Companies
You've seen the television commercials for all those iBuying companies. They're the ones offering you easy, super-fast buyouts for your home. Sure, those cash offers are convenient and quick, but you could end up with many thousands less than if you listed your home with a professional, local real estate agent. So think twice and weigh your options before moving forward with an iBuyer.
Work with a seasoned real estate agent
Bottom line, it's best to team up with a knowledgeable real estate agent in your community. They are seasoned experts who know and understand the home buying and selling trends in your area and so much more. They'll know if the timing is right for listing your home and can offer helpful advice on getting top-dollar for it.
If you need more top-notch real estate advice, especially if you're considering selling a house in the Lake Oconee area, our Director of Sales, Kathy Phillips, can help. Feel free to contact us with any questions and learn more about what this year might bring for home sellers. Cheers to you for the highest and best offers you’ve always wanted.
PS - If you’re interested in buying a home, be sure to read our recent article with tips on making a winning offer on your dream home.