Planning to sell your home this Season? It is good news for existing homeowners that today’s home price appreciation continues to rise. But first, it is important to understand why prices continue to rise and what is causing it. One major factor is supply and demand.
No matter what industry is discussed supply and demand always applies. When there are more consumers than there are items available, surely, prices will rise. In these situations, consumers are willing to pay more to get the product or service they’re looking for. And that is happening now in today’s real estate market. Which is why this season could be the best time to sell your home.
Selma Hepp, Executive, Research & Insights and Deputy Chief Economist at CoreLogic, states that.
“With so few homes, buyers are once again left with fierce competition that’s driving the share of homes that sold over the listing price up to 66% . . . With the continued imbalance between supply and demand, home prices are likely to have another year of strong gains and are expected to average about 10% growth for the year.”
Since it will take time before housing supply is replenished, experts believe prices will continue to rise. Home Price Expectations Survey forecasts that in the next 5 years, prices in the real estate market will rise continuously until 2026.
What This Means When You Plan to Sell Your House
If your a homeowner, the continuous price appreciation this year opens up an opportunity to make your move. That’s because it may give your equity a major boost. Equity is the difference between what you owe on your house and its currently market value. As you make your monthly payments, the amount of equity you have increases. In addition, rising home prices also drive up the market value of your home giving you the best time to sell your home.
When you sell your house, the equity you’ve built comes back to you in the sale. That money could be enough to cover some (if not all) of your down payment on your next home.
if you want to know how much equity you have in your current house, you may want to team up with a real estate professional. They follow market trends which can help you understand your home’s value when you’re ready to sell.
What This Means For Your Next Purchase
today’s rising home values isn’t just good news if you’re ready to sell. Since price appreciation is forecast to continue in the coming years, rest assured your next home investment should grow in value with time. That’s one of several reasons why real estate has been rated the best investment.
Bottom Line
If you are still unsure about the idea of selling your home this season, know that rising home values may open up an opportunity to fuel your next move. Let’s connect so you can find out how much your home is worth and to learn more about all the benefits you have in today’s market.
This may also help you why a real estate professional is important in your move to know when is the best time to sell your home.
