Thinking about selling your home? With inventory at historic lows, prices at or near record highs, and multiple offers common, it’s a perfect time to list your home. Here’s why:
1) The market significantly favors sellers.
Last month, 53.6% of homes sold in fewer than 15 days. And 39% of homes sold for over asking price.
2) Experts believe interest rates are on the rise. Higher interest rates decrease the amount buyers can pay for a property- and decrease your profits.
The median price for a home sold on the Eastside is $803,500. At today’s interest rate of 4.2%, that would equal a monthly mortgage payment of $3,929. If interest rates increase just a half a percent to 4.7%, that same monthly payment allows a buyer to purchase a home worth just $757,400. The bottom line: As interest rates increase, your pool of buyers decreases.
3) Historically, February through June is the period when supply vs. demand favors sellers more than the rest of the year.
It takes time to get a home ready for sale. To take advantage of the peak season for sellers, you need to get started preparing your home now. I can advise you on what you need to do, and I have a team of trusted professionals who can get it done.
Are you ready to sell your home? Contact your Windermere Real Estate broker and they will prepare a valuation of your home based on current market conditions, walk you through the process, and answer any questions you may have.