Should you sell your home this winter? I would say yes, and there are three reasons why.
If you’ve been thinking about selling your home, you have an incredible opportunity to do so this winter. There are three reasons why.
First of all, home prices have hit record highs over the past few months.Nationally, home prices are higher than they were at the peak of the housing bubble in 2006, and Delaware prices are on the rise as well.
Keep in mind that the current market is not experiencing a bubble like we saw 10 years ago. Instead, today’s high prices are mostly driven by a lack of supply. There simply aren’t enough homes on the market to support demand, making now a great time to sell your home.
Secondly, we are in a period of low but rising mortgage rates. The average 30-year mortgage rate has been steadily increasing. Last July, rates hit a historic low of 3.37%; now, interest rates are well above 4%.
It’s true that by historical standards, today’s mortgage rates are still very low. When you combine this with the possibility of continued increases in the near future, it’s very clear why so many home buyers are eager to take advantage of current interest rates.
Finally, we’ve made it to the end of the election cycle. Many people were sitting on the sidelines because of the uncertainty associated with the election. They are now re-entering the market, which will keep demand steady over the coming months.
Now, even though it’s only January, the peak spring selling season of March is definitely approaching fast. In March of 2016, we sold 38 homes, and those buyers were all in line searching for properties in January and February.
So, even though spring is the hottest season of the real estate market, you have to start moving now in order to take advantage of it. If you have any questions about listing your home or about your home’s value in the current market, just give us a call or send us an email. We would be happy to help you!