If you’re looking to upgrade your home for a more desirable neighborhood or grander living, now is a great time to do so. Here’s why:
- Prices for larger properties are increasing at a slower rate than for smaller homes. However, because the gap between lower- and higher-value homes can be somewhat large, waiting to sell could end up costing a lot more, especially when rising mortgage rates are factored in.
- Currently there are less people taking advantage of today’s favorable seller’s market and fewer new construction options. What’s the result of too many buyers and too few homes? Bidding wars! The glut of buyers coming into the market gives you, the seller, more bargaining power to get a better price (and more concessions) on your sale.
- The end of the school year is approaching and early in the summer vacation may be the perfect time to make a move. Your family will have ample time to acclimate to a new neighborhood and make friends without disrupting your normal routine.
- People are generally in better moods in the spring and summer, thanks in part to the longer days. To that end, it’s easier for sellers to leverage those additional daylight hours for open houses, and to take engaging photos and video that can then be used to improve the look and feel of the home’s online listing.
- Mortgage rates, although creeping up, are at historic lows. If you plan to sell at any point within the next few years, you should keep in mind that rates aren’t likely to get much lower than they are right now.