If you’re still considering selling your home, it isn’t too late to get top dollar. However, with a shifting housing climate, you shouldn’t wait to list. Buyers are paying close attention as interest rates start to tick up and may not wait until summer to purchase.
So if you’re trying to find the right time to sell your home, that time might be now. Uncover six reasons to sell your home now – you may be surprised at how you can benefit from listing your home early in the year.
1) Lower inventory means less competition
Low inventory has created high buyer demand. Buyers have been scooping up homes fairly quickly in the past several years. For now, sellers have the upper hand in getting the most value for their homes. Take advantage of the lower inventory and avoid competing with your neighbors if you list earlier.
2) Winter buyers are ready now
Don’t fall for the misconception that people do not want to buy a home this time of year. Relocation for work, for example, is a major reason people make a move at the beginning of the year. Buyers who are shopping in the midst of winter will carry a sense of urgency to find a home as soon as possible. You want to make sure your home is ready and available for these potential winter buyers.
3) Buyers are already looking online
Don’t miss out on buyers who are already searching online. The housing market often stalls around the holidays. Yet even among holiday preparations and colder weather, buyers are starting to look online to see what is currently available and what is coming soon.
Listing your home for sale as early as possible will give your home more exposure before the market becomes more saturated. Plus, before most buyers start scheduling in-person showings, they will take the time to scour the internet to try to find the perfect home for them. You should leverage the increasing number of tech-savvy homebuyers by getting your home in front of them early on.
If you wait until the summer to list your home, there will be more homes for sale – your home can easily get lost in the sea of other listings.
4) Tax refunds are being used as down payments
Many first-time homebuyers use their tax refund as a down payment in their purchase. This is especially true for those looking for a lower-priced home. With tax season here and the IRS already processing returns, these buyers are getting ready to put in an offer when they find the right home. If you wait until later in the year to list your house for sale, these buyers may have already bought a home using their tax refund money.
5) Homebuying and selling laws are ever-evolving
We have seen homebuying requirements change quite a bit throughout the years. It is still fairly easy to buy a home, but that could change very quickly if new reforms come into play. You should take advantage of the fact that purchasing a home is still in the reach of many buyers.
For instance, it wouldn’t be surprising if we see an increase in the minimum down payment required to purchase a home or the need for lower debt-to-income ratios in order to qualify to purchase a home. If you don’t want to risk the potential of a narrowed pool of qualified buyers caused by such changes, you should sell your home this year.
6) Higher interest rates may be on the horizon
Because we have seen lower interest rates for quite some time, there is concern that they may rise in the very near future. When interest rates rise, people are less likely to buy a home as it may no longer be affordable. If you list your home for sale now, you will benefit from a wider pool of buyers who are trying to take advantage of the lower interest rates.