If you’re wondering what information you should know before selling your home, don’t worry—I have you covered. Before selling, homeowners typically have a lot of questions. That’s why today, I will answer the top three questions commonly asked by sellers:
1. Should I wait for interest rates to come down? The number one question I get is whether sellers should wait for interest rates to come down before selling their homes. The answer might not be what you expect. Waiting for lower rates may actually work against you. While lower rates will reduce your future mortgage payments, they will also bring more buyers back into the market, including first-time homebuyers and other sellers looking to move. This increased competition can drive up home prices and lead to bidding wars, making it harder and potentially more expensive to secure your next home.
2. Are buyers still out there? Yes, there are still plenty of buyers in the market. Comparing 2023 and 2024 to the “unicorn years” of 2021 and 2022, post-pandemic, we see that buyer activity remains active. In fact, there are more buyers now than in the last years of 2018 and 2019. Homes are getting plenty of showings, and the market is active. This means that now is still a good time to list your home.
3. Can I afford to buy a home after selling? Many sellers worry about whether they can afford to buy a new home after selling their current one. The good news is that if you’ve owned your home for a few years, you likely have more equity than you realize. Home prices have risen significantly over the past five years, which means you can probably make a larger down payment on your next home. This can help offset the impact of higher interest rates on your new mortgage.
I hope this information helps all the sellers out there. If you have more questions or are considering putting your house on the market in the next few months, feel free to call or text me at 205-531-2747 or visit our website for more information. I look forward to partnering with you!
