The real estate market is hot! Right now looks to be an especially important time for anyone looking to sell a home. Here are a few facts to get you thinking:
- Demand continues to outstrip supply. The number of homes on the market is near an all-time low, and listings of existing homes have plunged 8.1% just over the past year.
- Home prices are still surging. Home prices are up 6.3% year over year in the last quarter for which we have data. It’s not just Baltimore that’s doing well—areas around the country keep posting record highs for home values.
- Mortgage rates are finally rising. The Fed increased its benchmark rate several times over the past year, but that didn’t translate to an immediate increase in mortgage rates. However, mortgage rates do seem to be finally responding, and the 30-year fixed rate is now hovering around 4.5.%.
What do these facts mean if you are considering selling your home?
First off, they mean that right now is a very good time to sell. That’s because of the strong demand and the high level of current prices. In other words, if you were to put your home on the market right now, you could get top dollar, and you would be able to sell quickly and without hassle.
Second, it’s not clear how long this favorable situation will last. As I mentioned, mortgage rates are on the rise. Currently, it’s not enough to dampen demand. But if rates continue to rise, it might drive more buyers out of the market, eventually driving down prices and making it more difficult to sell your home.
To sum up, if you have been considering selling your home, consider selling now. The current market is very favorable, but it won’t last forever. If you have any questions for me about how to get started buying or selling a home or you’re curious about what exactly your home is worth right now, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.