Now is a great time to sell your house. In the last three to six months, we’ve had a lot of problems getting homes appraised because the market jumped up so quickly. However, now there are plenty of comparable sales to support those increases, and the market is on fire.
Why is the market so hot? The main reason is we have very low supply and very high demand right now. We are shifting into a seller’s market as there are not a lot of homes to choose from. Properties that are prepared properly and positioned well in the market sell pretty quickly and for top dollar.
Secondly, interest rates are very low. Two or three years ago, many people suspected we would see 5.5% interest rates in 2016, but rates have held consistently over the last year or so. In fact, rates have actually come down a little bit. These low rates mean it is still very affordable for you to buy a slightly bigger home or even build a house.
If you are thinking of selling in this market, I have one warning: Do not underprice your home. Since the real estate market is picking up, there are a lot of newer agents getting their licenses and diving into the market. These agents don’t necessarily know how to price your property for this market. You could lose 5% to 10% of your true home value when you underprice your property.
If you are thinking about selling, give us a call or send us an email. We will do a full equity evaluation of your property so you don’t leave a lot of money on the table. We look forward to hearing from you.