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If so, there are a few things you can do to get started. First, you may want to find a real estate agent to help you sell your home. Second, you may want to start by taking some pictures of your home and putting them online. Third, you may want to make some repairs to your home to make it more sellable. Fourth, you may want to wait until the right time to sell your home. Finally, you may want to consider selling your home in a different area or through a different real estate agent.
After an initial drop in housing market activity, last spring coinciding with stay-at-home orders and closed businesses, home buying and selling rebounded quickly. Buyers are still eager to move, but the lesser supply of homes on the market in many parts of the U.S.
is contributing to rising home prices.
As a result, it remains a seller’s market that benefits homeowners who are choosing to sell now. If you’re on the fence about selling, you have a few choices: You can put your house up for sale soon to take advantage of the current demand, you can wait out the pandemic (however long that takes) for a more vivid picture of the future of the economy, or you can opt to stay in your current home for the foreseeable future.
71% for a 30-year, fixed-rate mortgage, according to Freddie Mac. This isn’t the first time since the start of the pandemic that mortgage rates have set a record – the first time was on March 5, when Freddie Mac reported the average rate was 3.29%, a 50-year low for mortgage interest rates. While the low rates are promising for an affordable mortgage, there are not enough properties on the market compared to the number of shopping buyers.
Expect rising home prices to balance out low rates, at least in part.
“Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment,” Sam Khater, chief economist for Freddie Mac, said in a press release discussing the drop in mortgage rates.
Interest rates are expected to rise as 2022 wears on – realtor.com predicts mortgage interest rates will reach 3.4% by the end of the year, they are already creeping up as of today – but they should still remain low compared to historical averages.
Sell in 2022: You Have a Starter Home Especially if you live in a place where home prices are climbing fast and bidding wars are common, homes at entry-level prices – often purchased by first-time homebuyers – are likely to see plenty of buyer activity through the rest of the year.
The price range that’s considered entry-level depends on where you live – typically it’s considered the lower third of home sale prices for an area.
Danielle Hale, the chief economist for realtor.com, explains that the lack of available homes on the market creates opportunities for sellers to benefit from eager buyers, possible multiple purchase offers, and rising prices. “Anyone who’s looking to sell, even if they get slightly below asking, is going to get a healthy sale price,” Hale says. If you are a first-time seller, there are a few things you need to know.
You may love your home, but try to get unemotional about your home. Once you decide to sell your home, start thinking of yourself as a businessperson and salesperson rather than just the homeowner. In fact, forget altogether that you’re the homeowner.
By looking at the transaction from a purely financial perspective, you’ll distance yourself from the emotional aspects of selling the property. Also, try to remember how you felt when you were shopping for that home.
Most buyers will also be in an emotional state. If you can remember that you are selling a piece of property as well as an image and a lifestyle, you’ll be more likely to put in the extra effort of staging and doing some minor remodeling to get top dollar for your home.
These changes in appearance will not only help the sales price; they’ll also help you create emotional distance because your home will look less familiar.
Wait to Sell: You’re Worried About Finding Your Next Home The caveat of a strong seller’s market is that as a home seller, you may struggle to find a new home to buy. This is the NUMBER one thing I here today, if I was going to sell, there is nothing to buy.
Thankfully there are programs we can offer you that allow you to Buy a home BEFORE you sell. This is huge if you are worried that you won’t find a home to buy. There is a cost associated with the luxury of buying before you sell.
The lender will approve you based on your home’s current value and then give you up to 5 months to find and close on your home new home. Once you move out of your current home, we can get your home ready to sell for top dollar.
No headaches of showing the home while you are living there. This is truly the safest way to sell your home.
Once your home sells you will pay back the lender for the loan you used to secure the purchase of your new home, plus a fee for the transaction.
If feeling secure about moving is important, this is a great option to consider. If you are still not sure if you should sell your home now or wait, call, text or email me and I will walk you through the pros and cons of selling now or waiting.
Once you decide if now is the right time for you to sell your home….then you are ready to start the process of selling…