If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. It usually means good news for the housing market when the country sees an optimistic future. People begin to dream again about the home their family has always wanted, and some make plans to finally make that dream come true.
The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are a few reasons why considering now is better than later:
Demand is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong! Buyers are ready, willing and able to purchase! Take advantage of the buyer activity currently in the market.
There is Less Competition
Housing inventory is under the 6-month supply that is needed for a normal housing market. This simply means there are not enough homes for sale to satisfy the number of buyers in the market.
There Will Never be a Better Time to Move up to Luxury
Now is the time to move up into premium or luxury home! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. Prices are projected to appreciate by just about 5% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.
Only you know the answers to the questions above. You have the power to take control, making the decision of putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire!
Making the decision to sell your home represents a big change in your life – emotions, fond memories, and excitement about the future all come together – at a time when thinking clearly is of the utmost importance. You need a team of high integrity who will guide you through each step of the process.
If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense.