Is there ever a perfect time to sell your home? And should I sell my home now? Home prices have drastically increased since 2020. The question can be subjective and you need to weigh your own circumstances before following the market and crowd.
Before making the decision to sell or keep your property, please consider interest rates, the supply in the market, and your own personal affairs.
Should I sell?
It can be tempting to hold onto your home a little bit longer and hope for prices to increase, but if there is a sense of urgency to move, now is the time. Right now, homes are selling for over asking due to the limited homes available in the market, causing a high demand from buyers. If supply is high, there is high competition with other sellers in the market as buyers have their options. Although the market might not be as wild in 2021, expect homes to continue to increase.
If you decide to sell your home now, you might need to purchase a new home that might have a higher increase rate and property tax compared to your previous property. In this seller market, you will need to battle and compete with other buyers looking to purchase and might find difficulty with an offer being accepted. Usually, when interest rates are low, homes are in high demand due to being more affordable to buyers.
For personal reasons that you need to move due to job relocation, caring for a family member, upgrading or downsizing, or change in lifestyle, make the move and consult with your Realtor®.
If you’re ready to sell, check out my blog on 9 Steps in Selling your Home
to prepare your home to be sold quickly and with the highest offer.