If you have been delaying your decision to sell your house and relocate to a new place until now, the time to act is now. It has been a seller’s market anyhow for the last few years. But today, all the pieces in the jigsaw puzzle have fitted nicely to make it the best time to sell your house.
Interest rates are still low
Interest rates play a crucial role in encouraging individuals to buy a house. This is because low interest rates mean lower monthly repayments. Even though mortgage rates have increased slightly in the last few months, they are still in the comfort range of the buyers.
Small number of houses on the market
One thing in favor of sellers is the fact that inventory has been shrinking over the years. With fewer options in front of buyers, they tend to ignore few minus points in the homes that are there on the market. Sellers are also more likely to receive multiple offers over and above their asking price because of low inventory.
Prices have risen to a record high
High demand and low inventory have jacked up the prices of homes to a very high level. If you could not sell your house because of low market value during recession, it is high time you did so to realize a good price now.
Low rate of unemployment
This is another factor in favor of home sellers. Increasing wages and decreasing rate of unemployment creates confidence in the mind of the consumer. This is good news for you as a homer seller as buyers jump on to homes that are available on the market.
All these factors work in your favor as a seller and you can get a high price for your property. But if you are selling to buy another house, same set of factors start to work against you as a buyer. It is better to live in a rented place for a while after selling your house in the hope that the housing market cools down after a while.
Follow these tips to market your house to sell
- Clean the house thoroughly and remove all the clutter
- Improve the curb appeal of your house
- Keep the asking price reasonable
- Sweeten the deal by offering something extra to the buyer
- Go for the paint job to differentiate your house from other homes in neighborhood