You may be tempted to hold on to your property until home values rise, but here are 5 reasons why it might be smarter for you to sell right now.
1) Interest rates are on the rise. Rising interest rates eat into the buyer’s purchasing power. As rates increase, the mortgage amount a buyer qualifies for decreases. This will eventually have a negative effect on prices.
2) Your Dream Home will never be cheaper. You have a fabulous selection of replacement homes right now! Prices are projected to continue to soften in most markets. If you are a buyer, COST should be more important than PRICE. The cost of owning a home is increasing as mortgage rates go up. If you are waiting for your current property to increase in value, how much will you be losing as your costs go up? Do the math and decide if now is the time.
3) Buyers are coming out early. As buyers see improvements in the market and rising mortgage rates, they have started the buying season early. The time to take advantage of the early birds is now.
4) Inventory increases every spring. Summit County has a huge surge of inventory every spring that peaks towards the end of August. There is pent up selling demand created by the weak market of the last few years. Sell earlier and take advantage of having less competition or sell during the height of the selling season.
5) The foreclosure storm. Foreclosures are direct competition for your house. Experts predict an release of bank owned properties which have been so far been delayed. Hopefully Summit County real estate will not be effected by this as much as other markets.
The bottom line. Give me a call today if you have questions about our market, real estate values, your neighborhood, or the value of your property. I can help you decide what the best options are for you and your family.