We are in the ultimate sellers’ market right now in the Dallas-Fort Worth area where the real estate market is expected to continue “booming” in July. When it comes to supply and
Why to Buy or Sell Now Before Spring
Dated: January 29 2021
Homeowners’ needs continue changing. As a result, Americans are expected to move in record numbers this year. We are continually asked, “Isn’t it traditionally best to wait until Spring to buy or sell?” That is not necessarily the case, especially this year. Now could be the perfect time!
In fact, real estate experts recommend buying and selling before spring this year because:
- Mortgage rates are still historically low.
- Equity is growing.
- Home prices are appreciating.
- Low inventory.
- This favorable market won’t last forever.
First, mortgage rates are historically low. Although rates are expected to remain relatively low in 2021, even the slightest projected increase can make a big difference in your payments over the lifetime of a home loan. This is a huge opportunity to capitalize on right now before mortgage rates start to rise.
Second, equity is growing. American homeowners have more equity than ever before. These savings for homeowners provide an opportunity to use this increasing equity to make a move into a home that fits your changing needs now.
Third, home prices are appreciating, especially with the low inventory of homes, and prices are forecasted to continue appreciating. Experts are projecting more moderate home price growth than last year, but it is still growing.
Of course this is good news for a seller. As a buyer, knowing home values are increasing while mortgage rates are low gives confidence that buying a home before prices rise even higher is a strong long-term investment.
Fourth, low inventory means high buyer demand. There are simply not enough homes for sale. Homes are selling just as quickly as they’re coming to the market and many for top value. With so few homes available for buyers to choose from and increasing home price appreciation, we’re in a true sellers’ market.
Your home could be a top choice, which would allow you to sell quickly, get top dollar, and request more from buyers in the contract terms. Besides including the price in negotiated terms, it could also include the moving date, possible repairs, or other terms. Selling your home before more listings come to the market in the spring might be to your best advantage.
Buyers need to remain patient in the search process right now. At the same time, they must be ready to act immediately once they find the right home, since bidding wars are more common with low inventory. Be ready by being pre-approved for a loan, be prepared to make a competitive offer, be prepared to bid, and know the maximum you’re able to offer.
Fifth, this favorable market won’t last forever. As more homes are listed this year, this advantage may not last for sellers, since more choices for buyers are expected soon.
If you’re considering buying, this may be the right time. Experts recommend taking advantage of both low mortgage rates before they rise and the opportunity to buy. With the inventory of houses for sale so low and more buyers coming in the spring, the spring could be even more challenging than normal to find a home to buy.
The low inventory of homes has increased home values. At the same time, buyer demand has increased because of record-low mortgage rates. It’s expected that home values will continue to appreciate. This has created a seller’s market, while there are advantages for buyers as well. However, this favorable market won’t last.
Recommendations for Sellers
If you’re interested in what your Dallas-Fort Worth area home is worth to see if it’s the right time for you to take advantage of this seller’s market before the spring market could change things, get a free home market analysis here.
Recommendations for Buyers
While today’s low mortgage rates are still historically low, they could rise and more buyers could start looking. If you are interested in searching for homes in the Dallas Fort Worth area before the market changes, check them out here.
Martin Realty Group is here to help you find or get the most value for your home!
Sources: NAR, Keeping Current Matters, Bankrate
Deanna has degrees in Communication and Journalism and over 25 years of experience in customer service, advertising, marketing, communication, instruction, training, and public speaking. With this ba....
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