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When it comes to selling your Denver house, this winter is a great time to do so. Making a move during this season gives you the chance to take advantage of today’s strong sellers’ market.
Win When You Sell
Currently, the housing market is very favorable for homeowners who are interested in moving. The following are benefits of selling now:
- Your House Will Stand Out – Recent data indicates more sellers are preparing to list their homes this winter, but there are still more buyers out there than homes on the market. Selling your Denver area home now, before other houses are listed, will attract more serious buyers who are looking for a home.
- Your House Will Likely Get Multiple Offers – In times of low supply and high demand, buyers compete for a limited number of properties. In the current market, sellers are getting an average of 3.6 offers, according to the Realtors Confidence Index from the National Association of Realtors (NAR).
- Your House Should Sell Quickly – The same report from NAR indicates that homes sell on average in just 18 days. If you’re a seller looking for a quick transaction, that’s great news for you.
Win When You Move
If you sell now, you’ll also win big on your next move. According to a CoreLogic report, home equity increased by $51,500 over the past year. Home prices rose as a result of buyer competition. This equity can be used to fuel a move before home prices and mortgage rates increase. Check out the chart below to see how rates are projected to rise.
Putting off your decision to move will cost you more in the long run. Any increase in mortgage rates, even a modest one, will increase your monthly payment when you buy a home. Putting off that change for just a few months might result in a long-term financial impact.
Today, interest rates are still at historically low levels. Fannie Mae’s Senior VP and Chief Economist, Doug Duncan says:
“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low . . .”
If you sell before rates increase, you can lock in a low mortgage rate for your next home. Keeping your payments down and getting more home for your money is a winning combination.
Bottom Line
This season, you can enjoy the best of both worlds as a homeowner. As a homeowner, you will be able to reap the benefits of both selling and buying. If you are considering a move, let’s talk so you have all the information you need to start the process.
