Given the whirlwind of events happening in the US and overseas, many owners are asking whether they should sell their home now or wait until next year, when perhaps the dust has settled.
It's always great that owners look at the big picture when validating their desire to sell and either upsize to a larger home, or take a step back with a smaller property.
However, as an experienced agent, I'd recommend against over-reading the current climate.
Most folks do not pay attention to every twist and turn from Washington, or the unpredictable moods of Wall Street.
Instead, focus your attention closer to home.
By doing so, you'll find some compelling reasons to test the market.
Sellers are in a good position. The market is relatively stable, so you're not only going to get a solid price for your home, but you'll find an impressive number of options on the market from which you can choose your next home.
Zillow research shows that 78% of sellers are moving because they have a new job or a growing family. Consequently, in the majority of cases, sellers quickly become buyers, too.
As a consequence, the market is beginning to transact strongly again. This is despite frustration with high mortgage costs and the Federal Reserve's reluctance to reduce the cash rate from 4.25-4.5%.
Of course, this translates into a retail rate of around 6.8%-7%, and it feels like this level will be with us for some time to come.
So, while there's no right or wrong answer for deciding when to sell, here are some key factors to consider:
Rising values: Talk to your agent about local trends. Home values are up in 41 of the 50 largest US metropolitan areas compared with 12 months ago. Dig into your neighborhood data. Understanding that San Jose is up and New Orleans is down isn't going to help unless you live there.
Speed of the sale: Another sign of a strong market is the time it will take to strike a deal. “Time on market” is a great indicator of buyer interest and strong values. In hot markets right now, homes are snapped up in nine days.
It's a contest: There are 17.5% more homes on the market than this time last year, and new listings are 11.5% higher. So, you'll be competing with other sellers for buyers. That can impact your asking price and the length of time it will take to strike a deal. Local data is key for you here.
Be flexible: If you can afford to be a little flexible on price, you're going to make a quicker deal, and that will get you into the market as a buyer faster and before prices climb further. Nationally, almost a quarter of sellers discounted. On the upside, Zillow data found 20% of owners sold for more than they had anticipated. Again, your experience will be determined by your neighborhood's popularity.
