It may sound wrong but now is a good time to both sell your home and buy a new one and here’s why.
Inventory is still low which means that buyers have fewer homes to choose from. Yes, it’s not as low as it once was and seems to ticking up but historically it is still very low. Most of the experts seem to think that the market will transition at some point in the future to more of a buyers market.
Buyers are out there looking for quality homes to purchase. There is strong demand for quality fairly priced homes. Sellers are still able to command top dollar for the good homes but the market clearly shows that buyers are cautious and not willing to pay unfair expectorant prices. In most cases we are not seeing the feeding frenzy we once were, but the properly prepared and priced homes sell very quickly and the ones that are not tend to sit, which could present an opportunity for a deal for a buyer at some point.
If you have owned your home for some time or purchased during the economic crisis, you should stand to make a healthy profit on your home which in turn will allow you to purchase a new home with less out of pocket pain.
Finally, two biggest reasons you should both sell and buy now….
Interest rates – they help buyers buy your home and help you purchase one. Interest rates have actually dropped and are still just above the historical low. The nation wide average is about 4.5% but people are finding rates in the mid and high 3% range. These low rates allow people tremendous buying power. Low rates allow everyone to buy more house for less money. The cost to borrow money is extremely cheap.
Your family – What are you waiting for. the house was great when you purchased it but now it is simply to small. Your family is cramped and sharing space and you are bursting at the seams. Life is too short to live this way. We live in Charleston because of the great lifestyle, your home should exemplify that life style and not be a source of stress.
Get out there and enjoy all the Low Country has to offer!