The median home sale price in the USA has exceeded $400,000 for the first time this year. The housing market is entering uncharted territory, leaving many potential sellers wondering if the time to sell is now or if they need to wait.
If you’ve been asking yourself, “should I sell my house?” then there are a few factors you need to examine. Let’s take a look.
Is It a Seller’s Marker or a Buyer’s?
In a buyer’s market, there are more houses on the market than people who want to purchase one. That means they have their pick of houses and don’t need to offer over asking or enter a bidding war when there are plenty more options. While these things are still possible, they’re less likely.
In a seller’s market, people are competing for houses. That means people are likely to offer more and you can afford to price your house a little higher, coming away with more of a profit.
2022 is still a seller’s market (though it’s not as competitive as last year was), so it may be the time to strike if you’re looking to offload a house.
Have You Built Equity?
There are two main ways you build equity:
- Through paying off your house and decreasing the amount still owed
- Through your house rising in value
The best time to sell a house, in general, is when you’ll make a profit. Check out how much your house is worth and how much you’ve already paid on it, and decide if the profit is worth it.
If you have been able to build up equity. It’s a great time to cash in on an easy cash offer for you house from local cash home buyers like Acropolis Developments.
Are Interest Rates Low?
If you’re looking to buy a new house, you should look at the current interest rates in the housing market. If they’re low, it’s a good time to sell and move because you can lock in low interest on your mortgage and won’t have to pay as much over time.
Do You Need to Move Urgently?
One important question amongst all the logistics and financials is, do you need to move urgently? If you do need to relocate, you may not be able to afford to wait and may have to take that chance.
However, if the move isn’t urgent, then you might want to wait until you’ve built up more equity before you take the leap.
If it is urgent, you can always contact a company like Sell Now Home Buyers, who buy houses quickly and conveniently.
Should I Sell My House Now or Wait? Make an Informed Decision
Regardless of whether you’ve decided to sell your house now or wait, all you have to do is an informed decision. There are many factors to consider when asking, “Should I sell my house now?” and each and every one of them requires consideration before putting your house on the market — or deciding not to, as the case may be.
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