Is now a good time to sell your home?
In short, YES, this is a good time to sell.
Inventory is still at record lows, with buyer demand at record highs. Anyone who wants to sell their home will be in a good position to do it quickly and for a good price.
Low mortgage rates means this is the perfect time to move up or downsize your current living situation for an affordable price.
In such a competitive market, the seller has the upper hand. This can be advantageous when it comes to negotiating terms, repairs, moving dates and more.
What if you sell your home and can't find one to buy?
Inventory of pre-owned homes is not plentiful, but homes are coming on the market every day, so it is likely one that meets your needs is coming soon to the market.
Your Buyer's Agent can also help you navigate the new construction homes that may be a good fit for you..
Closing and possession dates are negotiable (especially in this competitive market). There are also loan options out there that may let you to purchase your replacement home before you sell your current home. You have options!
Home prices are up... should you buy now anyway?
Increasing values do not always equate to decreased affordability. A lot of factors determine affordability - not just the price!
It is unlikely that the future home that you want or need will have a lower price tomorrow than it does today.
Mortgage interest rates actually have a bigger impact on affordability than the actual sales price - and the interest rates are going up. Locking in today's low rate will likely save you a bundle over time.
Are there a lot of foreclosures that are going to hit the market and bring down home values? Although there will be some foreclosures over the next couple of years, it's not likely that there will be a large enough number of them to have a significant impact on the market.
Nearly 30% of borrowers in forbearance are still current on their mortgage payments.
Banks likely don’t want to repeat the mistakes of the Great Recession. This time, many will instead negotiate a modification plan with the borrower, which will enable households to maintain ownership of the home.
With the amount of equity homeowners have today, many will be able to sell instead of going into foreclosure.
Do you have more questions? Please feel free to call or email me today to discuss your real estate questions and goals. If moving is the right choice for you, I will help you navigate your real estate transaction for the best outcome possible for you, every step of the way. I'm looking forward to working with you!Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License Numbers B.0026537LLC PM.0164922.BKR