Selling a house can be stressful, especially in today’s changing market. The strong seller’s market during the COVID-19 housing boom has shifted due to rising interest rates, leaving many potential sellers paralyzed with “what ifs.”
Questions like “WHAT IF HOME PRICES RISE AFTER I SELL?” or “WHAT IF I CAN’T FIND A NEW HOUSE? contribute to the hesitation, resulting in a decreased number of new homes entering the market for over a year.
If you’re feeling stuck in indecision, I’m here to help navigate the scenarios. Let’s chat about some common questions seller’s have about whether to sell or not.
‘What if I want to sell now, but feel locked in by my current low-interest-rate loan?’
High interest rates concern 77% of homebuyers and sellers, leading many potential sellers to delay moves over future affordability fears.
However, with over 90% of outstanding mortgages having rates below 6%, there’s less motivation to list.
Seller’s worried about losing lower interest rates can EXPLORE OPTIONS LIKE… making all-cash offers with existing home equity, buying down rates with lenders, considering new-construction homes with rate buy-downs, or exploring assumable mortgages.
High rates don’t need to hinder sellers with strategic approaches.
‘What if I sell now, then home prices rise?’
Some sellers hesitate, fearing their property will appreciate more if they wait.
While prices might still go up, the pace has slowed.
Waiting may not yield significantly more, especially if selling to buy another home. Timing the market peak becomes less crucial in such scenarios.
What if I wait to sell my property until interest rates drop?’
Some homeowners are waiting for interest rates to drop, believing buyers will pay more with lower rates.
Despite higher rates, limited inventory and high demand are keeping prices up.
It’s advisable to SELL NOW due to the current limited supply, rather than waiting for increased competition.
‘What if I put my home on the market and it sells right away, but I need more time to buy a new property?’
Homes are currently spending an average of 39 days on the market, an approximate 18% increase from last year.
In a market where homes are selling, it’s crucial to be prepared if you receive offers immediately after listing.
For those who anticipate needing more time, negotiating with the buyer is key. Alternatively, you can request an extended closing date beyond the usual 45 days, providing the flexibility to secure a new residence.
In summary, these scenarios help with your what if questions. To better help with your seller woes, let’s set up a listing appointment, where I answer all your questions, and show you how I make the process of selling your home, stressless, fun, guarantee you a more enjoyable and journey towards your next home. It’s time to set aside your reservations and seize the opportunities in today’s real estate market.
Let’s connect to explore options!