In today’s real estate market with higher (but still historically low) interest rates and without a lot of choices for a new because of low inventory, you may wonder why anyone would want to sell their home now. Here are some general points on why someone might consider selling their home in today’s real estate market:
1. High Demand: The current real estate market is experiencing a high demand for homes, which means that sellers can potentially receive multiple offers and sell their home quickly.
2. Home Prices Have Peaked: Because of low inventory and high demand during the last couple of years, home prices have peaked. Though the demand is still there, rising interest rates have taken many buyer out of the market because of affordabilty, especially on the lower end of the scale. The forecast for 2023 is that there will be a slight drop in home prices (probably under 5%). In order to maximize the equity a home owner has in their property a seller needs to sell asap. It’s predicticted that home values will continue to drop for the next few years, though no one knows for sure. Most homeowners have seen an increase in the equity of their homes since they purchased it due to rising property values. This means that sellers will be able to sell their home for more than they originally paid and make a profit.
3. Opportunity for Upsizing or Downsizing: For those looking to either upgrade or downsize their living situation, the current market presents an opportunity to buy and sell at potentially advantageous prices.
4. Changing Lifestyle Needs: A seller’s lifestyle needs may have changed due to various reasons such as an expanding family, relationship status, career changes, relocation, or financial considerations, making it necessary to sell their current property and move on.
Whatever the reason, your fist step should be to talk with a professional REALTOR to find out what your options are.