This blog post will explore the top 7 reasons you should sell your house right now. When it comes to making a big decision like selling your home, you must know what factors are in play.
Whether you’re looking for a new place to live or trying to make some extra money on a quick sale, these eight reasons will help guide you in the direction of making an informed decision. Do check We Buy Houses after reading this!
Number #1: The first one is that selling your home now will help you avoid the housing market crash. There are a lot of signs pointing to this, including interest rates dropping and people losing their jobs. In addition to these factors, there is also an increase in inventory which has been happening for months on end with no change imminent. If you wait too much longer, it might be too late!
Number #2: The second reason is that prices have dropped drastically over the last several years, so if you do not sell soon, you risk losing money when all is said and done. For example, the average price per square foot went from $99 back in 2008 to just under $60 as of February 2018. That’s almost half of what they used to be at their peak! So it would help if you tried to sell now, so you have a chance to get the most out of your home.
Number #3: The third reason is that if you want to upgrade or downgrade, it will be harder and more expensive later on. For example, say you’re looking for a bigger house but realize prices are still quite high despite the market crash; chances are they will not drop any further anytime soon as demand steadily increases year after year. So sit tight and wait until next year!
Or maybe interest rates go up, which means fewer buyers who can afford your house, resulting in an even longer time before selling.
Number #4: Another reason is that houses do not stay on the market very long these days unless something is wrong with them. Many people put their homes on the market for months on end, but now they are selling within weeks which is great news if you’re looking to find a quick buyer.
Number #5: The fifth reason is that no one needs an appraisal anymore because of new laws regarding assessments and whatnot, so your closing costs will be less overall. There used to be times where people were paying several hundred dollars just for this step alone! Plus, it saves you time since there’s not much wait time between negotiating, approving, getting an appraisal done, and finally signing.
Number #6: One more thing is that interest rates have been at historic lows lately, which means anyone who does get approved might want to jump on the opportunity right away before things change even further in favour of buyers. The national interest rate has been sitting at around four per cent for quite some time now, but if it changes, then your options might be more limited when looking to refinance, get a home equity loan, etc.
Number #7: The next reason is that you can avoid renting after selling. It’s expensive and inconvenient since you have to pay move-in fees along with the first-month rent upfront before even getting started. You’ll also need money set aside in case of emergencies such as property damage or any other unexpected costs, which would not happen if you own your house outright!
In conclusion, the last reason is that you’re going to have a better chance of getting approved when selling your house now. It’s not just a better chance but a much greater one than you had before.
Lender requirements have been changing over the years with more and more leniency in place, which means more people qualify for a loan and can buy a house which speeds up purchasing a new home.
Provided by HomeLight Homes