This Spring Presents Sellers with a Golden Opportunity by Marta Yecora
If you’re thinking of selling your house this year, timing is crucial. After all, you’ll 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 that’s the case, you should know that 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.
Today’s limited supply of houses for sale is putting sellers in the driver’s 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. If you work with a real estate professional to price your house correctly, you can expect it to sell quickly and likely get multiple strong offers this 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 of equity thanks 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 you’ve been holding off on selling because you’re worried about how rising prices will impact your next home 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 the down payment on your next home.
3. Mortgage Rates Are Increasing.
While it’s true mortgage rates have already been climbing this year, current mortgage rates are still below what they’ve been in recent decades. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%.
On April 5, the Mortgage News Daily quoted a rate of 5.02%.
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, it’ll cost you more to purchase your next home. That’s why it’s important to act now if you’re 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. As long as that imbalance continues, so will the rise in home values.
What does that mean for you? If you’re 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.
Once you make your purchase, you can find peace of mind in knowing that ongoing home price appreciation is growing the value of your new investment.
According to the Broward Miami, a division of Miami Realtors Market Snapshot, the median sale prices in Broward County in February 2022 increased, for a Single Family Home by 19.90% or $519,000 and for Condos/Townhomes by 20.00% or $240,000.
If you want to win when you sell and when you buy, this spring could be your golden opportunity. Let’s connect so you have the insights you need to take advantage of today’s incredible sellers’ market.
About the Author
Marta Yecora, real estate broker and founder of Guardian Real Estate Co. Marta’s real estate career started in 2004 as a mortgage broker managing a local mortgage office. The ambitious broker soon earned a title license and real estate license by 2006. In 2008, she decided to become a real estate broker and open her own real estate business, Guardian Real Estate Co in Davie, FL.
In the midst of the real estate crash, Marta became a Certified Distressed Property Expert to help homeowners avoid foreclosure and sell their homes in short-sale negotiations with the lenders. To better help her in the negotiation with the lenders’ attorneys, she became certified in Paralegal Studies from the University of Miami.
Marta uses her knowledge and experience to help train other agents in their real estate careers.
Marta’s dedication to advance in her career has earned her many certifications and specialties in the real estate field.