Fall is here and a lot of people are asking, “Should I sell my home now or wait until the spring?” I believe there are four reasons why it would be better to sell your home now rather than waiting for spring.
In my opinion, the number one reason to sell now is to take advantage of low interest rates. Rates are hovering in the 2.9% to 3.5% range, which is practically free money. I don’t anticipate those rates staying low much longer.
Why not? It’s an election year. I have been through eight elections already and, after each one, rates typically go up. The government holds rates down to make their party more favorable; once the election is over, rates will go up. It is highly likely that rates will be higher next spring. That’s the second reason you should sell now because higher rates do affect your home sale.
Interest rates are low, but they will go back up soon.
Another reason you should sell now is the low inventory. In some of our marketplaces, we’re seeing as little as 30 to 90 days of inventory available on the market. A couple of years ago, those inventory levels were significantly higher, with six months of inventory available. There will be more homes on the market in spring, which means you will wind up competing with more sellers. Since inventory levels are low now, you’ll have a better chance of selling your home.
Finally, in my opinion, the seller’s market is coming to an end. I have been doing this for 35 years and I’ve talked to brokers all over the United States and they agree. In fact, certain markets like California and Florida are already seeing the seller’s market change. Inventory levels have gone up to 180 days and prices are not going up any higer. If you are thinking of selling your home, you should sell now before the seller’s market ends.