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This Spring Presents Sellers with a Golden Opportunity

This Spring Presents Sellers with a Golden Opportunity | Simplifying The Market

If youre thinking of selling your house this year, timing is crucial. After all, youll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one.

If thats the case, you should know you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity.

1. The Number of Homes on the Market Is Still Low

Todays limited supply of houses for sale is putting sellers in the drivers seat. There are far more buyers in the market today than there are homes available. That means purchasers are eagerly waiting for your house.

Listing your house now makes it the center of attention. And if you work with a real estate professional to price your house correctly, you can expect it to sell quickly and likely get multiplestrong offersthis season.

2. Your Equity Is Growing in Record Amounts

According to the most recent Homeowner Equity Insight report from CoreLogic, homeowners are sitting on record amounts ofequitythanks to recent home price appreciation. The report finds that the average homeowner has gained $55,300 in equity over the past year.

That much equity can open doors for you to make a move. If youve been holding off on selling because youre worried about how rising prices will impact your nexthome search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion if not all of thedown paymenton your next home.

3. Mortgage Rates Are Increasing

While its true mortgage rates have already been climbing this year, current mortgage rates are still below what theyve been in recent decades. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%.

For context, the current average 30-year fixed mortgage rate, according to Freddie Mac, is 3.85%. And while recent global uncertainty caused rates to dip slightly in the near-term, experts project rates will rise in the months ahead. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, says:

For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates.

When that happens, itllcost you moreto purchase your next home. Thats why its important to act now if youre ready to sell. Work with a trusted advisor to kickstart the process so you can take key steps to making your next purchase before rates climb further.

4. Home Prices Are Climbing Too

Home prices have been skyrocketing in recent years because of the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values.

What does that mean for you? If youre selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices climb higher.

And, once you make your purchase, you can find peace of mind in knowing ongoing home price appreciation is growing the value of your new investment.

Bottom Line

If you want to win when you sell and when you buy, this spring could be your golden opportunity. Lets connect so you have the insights you need to take advantage of todays incredible sellers market.

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