We’ve all heard the phrase, “What goes up must come down,” and this adage certainly applies to today’s real estate market. The real estate market has been on a steady incline for the last seven years, so most industry experts expect to see a softening
As such, there are three key factors that are leading today’s market that you’ll need to consider when deciding whether it’s time to get off the fence and sell your home:
Interest rates are low. Rates saw a slight increase at the end of 2018, but have since come down and have remained at historic lows. This has been helpful to buyers in general, but particularly those looking for large or high-value assets. Low interest rates give buyers a lot more purchasing power than they would ordinarily have.
Homeowners with high equity have the chance to cash out.Anyone who bought during the low point in the market we saw between 2008 and 2012, or even before then, is likely to have a considerable amount of equity in their home. If you’re looking to make the most of this equity, it might make sense for you to make a move now while the market is high. Even buyers who only bought their property in the last couple of years may be able to buy without bringing any cash to the table.
Inventory is low. When buyers have fewer choices, sellers have more flexibility. Sellers have a lot of leverage right now in terms of the price, conditions, and terms they ask for during negotiations. With the right agent by their side, they’re sure to secure a great deal.
If you have any other questions, would like more information, or are curious about how we can help you achieve your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.