As a potential seller, you may not be feeling the same urgency. Maybe you’ve been thinking about selling your home but haven’t managed to pick up the phone and talk to a Realtor.
The current market is perfect for selling, but that could change based on factors completely out of your control. Take advantage of this market while it lasts and sell your home at a time when you can get the most out of it.
What’s So Great About the Current Market?
According to the National Association of Realtors, pending home sales are at their highest level since 2006. At the same time, home prices are rising.
In West St. Tammany, demand for homes is high while the supply is low. Fewer homes are on the market than at the same time last year, and while new construction is booming most people are looking for established neighborhoods to raise their families.
Houses Priced Right are Selling Fast
What determines the right price for your home?
Quite a few factors play into the price tag attached to your home. Some are out of your control, like the location, local competition, and market conditions.
By now, you’ve probably figured out why this is such an amazing time to sell. You don’t have to be an economics scholar to know that high demand and low supply create a great market for sellers.
Some homes are even selling above listing prices, while many homes have backup offers if the first offer doesn’t go through.
Two major factors in determining the value of your home are working in your favor. The market has a lot of competition and mortgage rates are low. The timing couldn’t be better (and it probably won’t get better than this).
How Mortgage Interest Rates Are Driving the Market
When mortgage interest rates are low, buyers qualify for higher loans which means there’s more money available to everyone. Smart buyers will have an amount in mind that they’re willing to pay for their mortgage each month.
Low-interest rates mean more of that money will go directly into buying the home, not paying on interest. This creates the high demand that allows for higher selling prices.
If there’s one thing we can guarantee, it’s that the market will shift. If the feds decide to raise the interest rates, that will impact sales. No one can predict the exact impact that will have, but we know low-interest rates are a big force in the current market.
Summer is naturally a good time for home sales. People want to move before the school year gets too far along, and most especially want to be settled before the winter holidays.
Additionally, this year will also bring a presidential election. That tends to slow the market as people wait to see what changes a new administration will bring. With that in mind, there’s no guarantee that mortgage interest rates will be as low as they are now when the sales cycle heats up again next spring.
If you want to sell and make the most money on your home, now is the time to list! The current conditions won’t last forever. This current market may be the perfect opportunity to get the most out of your home.
Get in touch with the Williams Team today to set up an appointment with one of our knowledgeable Realtors. We can help you get your home on the market before these favorable conditions are gone.