Springtime is here.
This is the best time to sell a house because people begin their searches for new homes now more often than any other. This fact benefits sellers, so if you have waited to sell your home until now, you have made a wise choice.
People Are In a Hurry to Buy
People who are currently searching for a home are aware that there is a chance that prices will climb higher. This means that they will be in a hurry to buy before this can occur, so take advantage of this fact and place your home on the market right now.
A Possible Increase in Inventory
You must consider the fact that you are not the only one who has a house to sell. If others have been waiting to place their homes on the market, there could be a surge in inventory over the coming months.
Placing your home on the market in the spring will give you the upper hand. You will be able to sell your home without an inordinate amount of competition.
An Increase in Interest Rates
Another reason to place your home on the market now is because of the uncertainty of the interest rate. Currently, interest rates are around 4.25 percent. But experts say that interest rates could rise to approximately five percent by the end of the year.
Professionals also believe interest rates will be as high as six percent by the end of 2015. This will have the effect of discouraging buyers.
The Effect of Higher Interest Rates on Buyers
At the current interest rate, more people can take part in the market, including those who would like to move to another home, as well as first-time buyers.
Current homeowners who would like to downgrade will be less likely to if mortgage payments for a smaller home are the same as their current homes.
This would happen because their current interest rates are around four percent. They will only be able to get a mortgage for over five or six percent in the future for another home.
Buying with a rise in interest rates can discourage some first-timers, because this makes houses more expensive.
An Expanding Buyer Base
In the past, investors have been purchasing homes in Arizona to rent them to others. This doesn’t appear to be the case this year because these investors have started to pay more attention to other states. This will have the effect of opening up the market to buyers who have lost bids to these larger investors in the past.
Preparing to sell a home in Sierra Vista this spring will increase your chances of selling your home for a better price in less time. If you wait, rising interest rates will force you to take your home off the market because no one can afford to buy. So, prepare your home for sale now.