While the real estate market has begun to cool, it is still the best it has been for sellers in more than a decade. That means, for some people, it may be the perfect time to consider selling your home and getting the most out of the equity in your property. Here are five reasons you may want to consider selling your home right now:
- There are far more buyers than there are homes available
- While home prices are starting to fall, they are still at the highest they have been since 2008. This is due, in no small part, to a large number of prospective buyers compared to the amount of homes actually available for sale. This means that people are generally willing to bid much higher for homes than they normally would, just to get a chance at the inventory that is available. Thus, if you put your house up for sale right now, there is a good chance you may get plenty of bids driving up the sale price for your home.
- You can move to another home
- Another potential reason to consider selling your home is that you are already looking to move elsewhere. Maybe your family is expanding and you want to move to a house that can better accommodate your needs. Alternatively, maybe you have children that are moving out on their own, and you do not need the same amount of space. Either way, beginning the process of selling your home now could help you with your move later on.
- Interest rates are on the rise
- The Federal Reserve has begun raising interest rates for the first time in nearly three decades, including a most recent raise of .75% as of July 29. While that may not sound like a lot, that increase in interest can mean much higher borrowing costs for mortgages and other loans. And unfortunately, it looks like interest rates will probably only be increasing over time. Selling your home now can help you take advantage of the relatively low interest rates, both to attract buyers and to obtain financing for a new home of your own.
- You can take advantage of the equity in your home
- There is a lot of money in your home that you cannot take advantage of because it is locked up in the property itself. This money is known as equity, and it represents the value of the property itself, minus whatever you may still owe on your mortgage. By selling your home, you can access that equity to help you pay for anything you might need.
- Prices may go down if you wait too long
- The general trend right now is that prices for homes are falling. That means that if you wait too long, you might not be able to get as much for your home as you would if you start the process of selling right now. Do not wait too long, or you might miss out on the opportunity to get the maximum financial benefit from your property.
At Liongate Homebuyers, we assist our clients with a variety of services related to buying and selling real estate, including purchasing homes for cash. We have experience handling real estate financing, especially for developers and house flippers. If you are interested in selling your home for cash, please contact us at 516-548-6553, or visit our contact page.
