One of the biggest decisions you face when selling a home is when to put it up for sale. With the local housing market changing fast, home sellers could be facing a cooling market. And rising interest rates, the threat of inflation, rising interest rates, and a growing perception of overvalued homes could all impact what until now has been a strong seller’s market.
Many experts say now is an excellent time for selling a home, thanks to high buyer demand and persistent supply constraints. If you’re on the fence about whether or not you should put your property on the market now, the real estate agents at Bee Realty Corp can help guide your decision.
Top Reasons to Sell Your House Now
A recent Moody report estimates that residential properties in Volusia County are potentially overvalued by 25 percent. While steep home price declines are rare, they do occasionally occur, so it’s worth considering putting your house on the market now before an adjustment.
Factors that indicate your local market favors sellers include:
- Home prices in your neighborhood are steadily increasing, indicating strong buyer demand.
- Homes are selling for way over their asking price.
- There’s been an influx of cash buyers who can close quickly and even waive contingencies like appraisals and home inspections.
Market conditions are just one factor to consider when selling your house. Other reasons to list your home now include:
- Low interest rates generally drive up demand. That can lead to bidding wars and the potential to get more than your asking price.
- Low supply means more competition for properties. Properties listed during a low supply typically sell more quickly, too.
- If you’re downsizing, you might want to sell your house now to keep your overhead low and accommodate changing family dynamics.
- Are you relocating? Whether you’re moving closer to family, are moving for a new job, or just want a change of scenery, selling your existing house can make buying one in your new location easier, as you can use the equity to make the purchase.
- Are you tired of owning or managing investment properties? If you’ve reached a point where you’re no longer interested in holding onto Central Florida investment real estate, cashing out during a seller’s market can be a nice way to make your life easier while realizing a healthy profit.
Have you lived in your home long enough to build substantial home equity? Selling your house now lets you cash out on that equity and use the money for other investments.
Are there any good reasons for waiting to put your house on the market? Many experts suggest staying put if:
- Your local market favors buyers, meaning there are more houses on the market than there are interested buyers, making it more difficult to sell at a high price.
- You haven’t owned your current home for at least two years, which often means you haven’t had time to build up equity. You might also have to pay capital gains taxes if your sell your home before you’ve lived in it for two years or more.
- You can’t afford to move because of the higher interest rate you’ll pay on a new mortgage. You also might be unable to come up with a 20% down payment for a higher-priced property.
- You’re happy in your home and it’s the right fit for your family and lifestyle. Financial incentives are important, but they shouldn’t be the only reason for selling a home.
- You recently refinanced your mortgage and paid hefty fees and interest. If you want to sell shortly after refinancing, figure out your break-even point.
Bottom Line: Don’t Wait to Put Your House on the Market
Current supply constraints, high buyer demand, and the potential for rising interest rates make now an excellent time to put your Volusia County house on the market. Typically, higher mortgage rates lead to fewer buyers and an even smaller number who can meet your selling price.
When you decide to list your house, be sure to find a good broker with the experience and knowledge necessary for selling your home fast. A skilled real estate agent’s assistance is always critical but even more so in a challenging housing market. A good agent can also provide you with accurate market information and create a plan tailored to your specific needs.
The NAR (National Association of Realtors) estimates that 90% of sellers worked with an agent in 2021, and it’s easy to understand why. NAR data shows sale prices for agent-assisted deals were generally 20% higher than those without an agent on board. Lastly, an agent will help you distinguish between serious buyers and those who are “just looking.”
Are you ready to put your Volusia County property on the market? Bee Realty Corp agents can help you navigate a shifting seller’s market and ensure you get the best possible price for your home. To learn more, contact us online or call us at 386-279-7522.
