If you’ve tried selling your home recently without success, you have likely experienced frustration and sadness. Most homeowners who’ve put their home on the market recently did so for good reason. They are usually experiencing changes in their lifestyle or circumstances to the point their home no longer suits their needs. Still, the discouragement may lead to you giving up or being held in a holding pattern. In light of recent news, it’s important that you understand that there is no better time to get your home back on the market.
Interest Rates Not Changing
Recently, the Federal Reserve announced they would not increase the federal fund rate this month. This in turn affects mortgage interest rates until their next meeting. They are prepared to continue monitoring the inflation rate until it reaches their target 2% range. With the inflation rate currently above 3%, they don’t anticipate things changing until 2026. Most experts agree this means that mortgage interest rates won’t come down anytime soon. Everyone who was holding off on making important life decisions based on rates going down, now face a new realty. If this is you, you may need expert advice. Some homeowners are facing a rapidly growing family as children are being born or parents need to move in. Others may need to downsize due to an unfortunate death, impending divorce, or children moving away. Regardless or your situation, waiting around with no end in sight may not be an agreeable option. Living in a home that no longer suits your needs may end up costing you money, time, and precious peace of mind and enjoyment.
Little to No Competition
The big opportunity in this real estate market is for home sellers facing little to no competition when they put their home on the market. Currently, there are record-low numbers of homes for sale and even new home builders are not building at a sufficient pace to keep up with demand. This means that if you put your home on the market now, the likelihood is that it will sell in your favor. With this in mind, it does not minimize the need for working with an experienced agent familiar with your area and neighborhood. There are still some unsuccessful home sales in this market. An experienced agent will be able to offer a fresh perspective on what may have happened and how best to proceed. They will show how best to price your home using a comparative market analysis and use customizable tools to market your property. This still is a seller’s market so be sure to make it work to your advantage.
In spite of higher interest rates hovering around 7%, people are still shopping for and buying homes. Northern Virginia still experiences multiple offer situations where buyers compete on well-priced homes in great condition. This oftentimes leads to offers over-asking price and with few contingencies such as inspections. By marketing your home to a wide pool of candidates, you increase the chance of more home buyers falling in love with your home. As people become more and more accustomed to the current rates, demand for homes will increase even more. If you are thinking of putting your home back on the market, this may be the best time.
Because of high buyer demand, little competition, and stable mortgage interest rates, this is a great time to put your home on the market.