The Value of Your Home Has Probably Appreciated. Caroline Feeney is the senior managing editor of HomeLight, where she oversees the Seller Resource Center, a blog featuring hundreds of in-depth articles that address every step of the home selling process. Previously, she served as editor of real estate industry publication Inman News and co-authored a book on real estate leadership. A Midwestern native, he holds a master's degree from the Missouri School of Journalism and was previously a real estate contributor to Forbes.
At HomeLight, our vision is a world in which every real estate transaction is simple, secure and satisfying. Therefore, we promote strict editorial integrity in each of our publications. Real estate prices have skyrocketed in recent years. We'll provide you with an instant home value estimate so you can make a more informed selling decision.
Next, we explore further the key market indicators that show a picture of the situation. Avoid the hassle of repairs and displays and go straight to receiving a cash offer through HomeLight's Simple Sale platform. Due to strong competition and the influx of cash buyers, now might be the time to sell your house for a relative premium, even if you have some defects or some dated bathrooms. If your house needs more than just a touch-up to be marketable, now is also a good time to request a cash offer, as low inventory encourages investors to improve their offerings.
Homeownership is a natural hedge against inflation. While rents increase tremendously, you can rest easy knowing that your mortgage payments will remain predictable. Even if you keep up with up-to-date information about the housing market and your equity situation, deciding whether to sell now or wait often comes down to a battle between your heart and your mind. While now may seem like the perfect time to sell on paper, there is no deadline.
When in doubt, talk to a top-notch real estate agent who knows your local market inside and out to help you weigh your personal and financial motivations. Get free, objective, performance-based recommendations for the best real estate agents in your area. Find the best real estate agents in these similar cities HomeLight is rated A+ with Better Business Bureau. The course of action you take will largely depend on your reasons for moving.
If you need to move quickly for work, family, or other personal reasons, you might make a different decision than a salesperson who just wants to downsize to a smaller home. To help you decide if it would be a good idea to sell and take advantage of high selling prices right now or wait for it to be easier to buy another home, you need to make sure you research your own local market. If you need to move, you should also consider selling your home. If you are in the market to buy a second home while maintaining and maintaining your current one during the move, this may not apply to you, but in many cases, when homeowners move for a job or other urgent reasons, they may sell their current home and buy a new one.
When buying a new home, they risk increasing their monthly expenses significantly. So, if you don't have a set date for when you want to buy a new home, waiting until it makes more sense to you financially may be a better option temporarily. There are good reasons behind that. Spring is the time of year when people get their tax refunds, the weather is ideal for going out to see properties, and summer vacations for children are coming, making it easy to move.
More buyers are bidding on the sale price of properties than at any other time in the last seven years. Lower interest rates mean you pay less interest or, in other words, save more money to finance your new home. This is another reason to start the housing process, while the market is open to business to avoid the possible obstacles that would come with a second pandemic. It's a good idea to finish any ongoing remodeling projects before listing your home.
Given these trends, you may be pleasantly surprised at how much you can sell your home right now. Experts, including Danielle DiMartino Booth, former advisor to the president of the Dallas Fed, predicted a housing crash earlier this year due to the recession caused by the coronavirus pandemic and massive job losses across the country. Things like location, health, and things that changes to your current home can't fix are very valid reasons to move home. That means that people looking to sell their house are going to be fine for some time, if current conditions hold.
If you move out of your house, you may have hidden costs later on anyway, and if you spend some money on your current home, you'll be safer knowing that your home has been well looked after. If the housing market is flooded with more homes than there are buyers, in other words, a buyer's market, you should also consider waiting to sell. Perhaps there is another answer that is ideal, perhaps not, but when you begin the moving process, you will make sure that you have fully considered it and are totally in agreement, which will help you every step of the way. If homebuyers compete for fewer homes, the seller can often set a higher competitive selling price and commit less on contingencies and other negotiated terms when finding a buyer for the home.
But is now really the time to take the leap? Here, which one? discusses what is happening with house prices and mortgages to help you decide if you should move into a hot market or wait for things to calm down. Whether you're looking to get on the property ladder, move home, buy another property, or add to your portfolio, now is a good time to get started in the current climate, as the housing market is particularly buoyant. Whether you've experienced an increase in family size, started a new job in the city, or want extra space while you're spending more time at home, now is a good time to buy a home. .