Should I Sell My House Now ?

Yes, now is the right time to sell your house. 412,280 homes were sold in September 2023, suggesting a solid market. Additionally, new listings rose by 0.3% in October, the first time since July 2022. However, the housing market continues to face new challenges. Mortgage rates remain elevated at nearly 8%. And Fannie Mae predicts that these rates may go even higher in 2024. Given the circumstances, some sellers believe mortgage rates won’t decrease any time soon. Others worry that if they wait too long, the prices might go down. So, list your house for sale now to sell it faster and get the best price.

Why Should I Sell My House Now?

The current real estate market is favorable for sellers. The share of homes sold above the list price is 29.8%. This means you can get the perfect price for your home. Here are some reasons why you should consider selling your home now.

Low Inventory

The National Association of Realtors predicts a low housing inventory throughout 2023. This is a sign you should sell your home because it means homes are in high demand. You’ll have more power to negotiate a better deal.

Possible Decline in Home Prices in the Future

Experts have predicted that the real estate market will experience a slowdown in the next five years. The cost of homes will somewhat decrease further. If you wait and the market falls, you are likely to sell your home for less than its present value. You can potentially make a profit by selling now.

It’s Still a Seller’s Market

A consistent pattern of low months’ supply suggests a seller’s market. There are buyers eager to buy a house right now. This is an excellent opportunity. Get in touch with a real estate agent and ensure that your house is rightly priced. You will possibly get a lot of offers. You have the chance to optimise your profits.

What if You Are Unable to Sell Now?

Certain life circumstances may prevent you from selling your house right now. Here are some factors to help you make an informed decision.

1.Rising Mortgage Rates: Experts predict that mortgage rates will rise in the first half of 2024. The market might see a decline in the number of home buyers.

2.Home Prices: Home prices are high and will most likely rise further or remain stable. The median home price will remain elevated in 2024. However, experts have predicted that prices will increase at a slower rate.

3.2024 Will Be Competitive: Even while 2024 is building up to be a seller’s market, it will remain fiercely competitive. The market might be a little crowded. You might struggle to make your house stand out or secure the best deals

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