With the spring selling season upon us, many owners will be asking whether now is the right time to enter the market for a much-wanted upgrade to cope with a growing family, or to downsize and live a simpler life.
The favorite selling period is from the beginning of April and through to the first weeks of autumn.
But there’s never actually a bad time to buy and sell property. Each season comes with its advantages and disadvantages. So don’t get hung up on a spring sale if you can’t make that deadline. It won’t be the end of the world.
A more significant question relating to whether you should sell your home relates to mortgage costs.
After an 18-month run of interest rate rises to quell post-Covid inflation, America’s mortgage costs have stabilized. Better still, the Federal Reserve has foreshadowed possible cuts from mid-year, if there is no economic turbulence.
Rates have eased back from last October’s scary 8% level, and most experts are expecting them to gradually ease back to 3% to 4% in the next two years.
For those looking to upgrade, it may well be a smart time to make your move. America’s median house price has risen to $417,000 and more value growth is expected as mortgage costs ease. This checklist will help you decide whether now is the right time for you to sell.
It’s personal
Selling is an individual decision. There is no right or wrong time, only the moment that suits your personal circumstances. Don’t try to time the market. By the time you realize prices are shifting, it’s too late to take advantage. So, move only when you’re ready.
Selling vibe
If you’re worried that you’re an outlier in believing it’s a good time to sell, then relax. The Home Purchase Sentiment Index run by Fannie Mae says 57% of folks think 2024 is going to be a good time to sell.
Neighborhood watch
It’s easy to generalize about the property market. But you should focus your research on your neighborhood. Only local price trends and buyer behaviors should influence your decision to sell. Working with an agent who knows the area is essential in the current climate.
Any buyers?
Across America we’ve seen a shortage of homes coming onto the market because owners don’t want to renegotiate their super-low mortgage rate into 6% or 7% deals in order to buy a new home. The pent-up demand from buyers is enormous. If you align your price with market values, you should find a buyer.