It’s right around the corner. As dynamic as the current housing market is, lots of homeowners are manifesting home selling plans the spring market. I understand why spring represents this magical time to so many real estate consumers… it’s the best time to sell a home.
If you’ve followed recent news, you know that interest rates keep rising and will rise again throughout the year. These interest rate hikes and potential hikes create a new sense of urgency among homebuyers. If you’ll be buying home after home selling your current home, you, too, should be feeling some urgency. After all, you’ll be a buyer when your home sells.
Of course, I have no way of knowing when the next interest rate increase will come. That’s why I’m urging my customers who are creating home selling plans this spring to get their home on the market as early in spring as possible. It’s the best way to avoid any unpleasant market surprises.
Home Selling Plans – What You Need To Do
Let’s get a market analysis done now. Don’t wait, it’s time now. You just need a ballpark figure for you to take to a lender. He or she can then present options for buying the next home.
The worst thing you can do is being in the home selling process before being pre-approved for a loan for your next home. So speak with your lender about what you need to do, financially, to ensure mortgage approval.
Spring starts on March 20, 2023, and lasts until June 21. Starting your home selling preparations right now gives you plenty of time to get you home ready for the market. Sure, there’s not much you can do to the exterior with the ever-changing weather, but if you have repairs to be made inside, spend some time during the weekends to get those knocked out.
Then we’ll come up with a staging plan if needed. Not all homes require staging but if yours does, let’s get together and discuss how you can show off your home to its fullest advantage.
Again, Don’t Wait
“When interest rates are moving up, waiting to sell could end up costing more than selling sooner and locking in today’s rates. Waiting to sell could also mean having to wait to buy when there are even fewer homes available,” warns Jonathan Smoke, chief economist for realtor.com.
He goes on to suggest that the market is in flux. “As rates continue to rise, higher financing costs will eventually dampen demand.”
If you don’t want your house numbered among a glut of home when demand dries up, get it on the market before rates rise again. Spring, and even summer, is the perfect time to sell.
