Do I Sell My Home If Inventory is Low to Buy A New One?
Things to Consider When Entering the Market Right Now
It’s a volatile market out there. Inventory is at an outstanding low, and buyers are competing at outrageous levels for the homes that do make it to market. So, if you’re a would-be seller, what do you do? Do you wait it out, or do you jump into the game? Here are a few things to consider:
Mortgage rates remain low, which means even though you may pay a bit more for your next home, you’ll have an incredible rate that will last years. Consider whether you’re in a financial position to make this sort of move, and if securing the low interest rate is more important and a greater benefit than the few percentage points you might pay over asking price. If the math works out, it’s a great time to get a mortgage.
If you’re smart-sizing, you’re in an advantaged position. This means if you’re reducing your square footage you’re going to get the maximum return on investment for your current property, and will have the wiggle room needed for your next home. You’ll end up with more from your sale, giving you the footing you might need to outbid an offer on the perfect smaller residence with all of the bells and whistles.
The most important part of the process is forming a strong bond with your rest estate advisor, and having a strategic plan when starting your new home journey. Make sure you go over your list of desired neighborhoods, where your budget limits lie, and what you would do in the case of a bidding war on the perfect home. If your real estate advisor knows your concrete list of needs, your selection of “nice-to-haves”, and what your hard line is in competing with offers, you’ll be set up for success. This is especially true in the current marketplace where time is of the essence! Being on the same page and having everything spelled out in advance will save you precious moments to make a move and be first to the table.
If you’re thinking about starting your home search, but aren’t sure where to start, that’s okay! I’m here to support you with market information and a network of professionals that can make the process easier for you, so that you can focus on the enjoyable aspects of finding the perfect home! Click here to see digestible, simple monthly market stats for over 100 neighborhoods around the area. Then, send me a note, and let’s set up a time to connect.
Whether your next address is around the corner or around the globe, you can count on white-glove service and support. I’m here for you every step of the way.