You've been in your house a while. You've put your stamp on it, raised your kids in it, gotten to know your neighbors, for better or worse. But, you're still thinking it would be nice to trade up (or down) a little. Maybe you're finally able to afford the neighborhood you wanted to be in. Perhaps, the house just feels like it's outlived its usefulness. But you're not sure it's the right time to sell.
Granted, the last 10 years has changed the landscape of buying and selling homes. There was a time when people didn't question a move. When it was right, they did it. After the crazy bubble, people are understandably a little gun shy.
But we are here to tell you that things have gotten back on keel. And rest assured, that if you're ready, now is the time.
Let's lay out the reasons:
1. Interest Rates
The news announced this morning that interest rates are on the rise......almost a full percentage point over this time last year. But before you decide it counts you out, don't despair, they are still very low, historically speaking. But you won't want to wait much longer because the rates are likely to go up again.
2. More Buyers Than the Inventory Can Accommodate
We've talked about this in previous posts. Hilo especially is seeing a buying frenzy. Homes everywhere are getting snapped up quickly but Hilo is seeing bidding wars, which, of course equates to higher prices gains for the seller. As the interest rates rise, the market will likely heat up even more as buyers try to get into the home of their dreams before rates rise even further.
3. Higher Prices Mean More Equity
Home prices have rebounded from their lows 10 years ago. Chances are, if you've owned your home for a while, you have some equity to work with. You can either use that equity for a down payment on your next home, or use it as part of your nest egg if you are downsizing.
4. Home Construction is on the Rise
You've probably noticed, construction is back! Developers like Roland Higashi have created new neighborhoods with underground utilities and builders like Dana Williams are taking risks in building spectacular spec homes. The choices are incredible right now.
5. It's a Good Time to Be a Buyer, too
And, as we mentioned last week, Fall is the season for buyers. If you are selling in order to buy something else, you will have a great advantage as a buyer.
If you want to see what your home might be worth, contact us. We offer a free, no obligation comparative market analysis. Let's see if it's time to sell your home.