If you own real estate, consider 3 key reasons why it’s a great time to sell and buy again. With so many renters hoping to buy a home and enjoy the American dream of having their own private space to fix up as they desire, there is a lot of demand. According to one article by thecourier.com, many people go back and forth in their minds about whether to sell. If you want to own a larger, more luxurious home, now is the time to take action to acquire a step-up home. Move-up buyers have a wide range of homes to choose from including real estate that is new construction.
Cashing in on your equity
Experts say most people have more home equity than they realize. A 2015 Fannie Mae report revealed 37 percent of homeowners believed they had less than 20 percent equity, but in reality the majority had more than 20 percent equity in their homes. A reputable Springfield real estate agent will conduct a comparative market analysis of your residence to find out the market value.
Taking advantage of the timing
Whether you buy in early summer or late summer, the prime home buying season starts in the spring. You will likely get your asking price on a home sold during the spring or summer because most families want to feel settled in a new home before the school year commences.
Enjoying low-interest rates
Mortgage rates are still low, but most experts believe mortgages will grow more costly. In fact, a 2016 Housing Market Forecast report promised higher interest rates next year. Even if the interest rate only goes up 1 or 2 percentage points, it could cost you tens of thousands of dollars over the life of a mortgage loan. Also, lower interest rates typically means you can afford a more expensive home.
At Realty Executives By Realty Choice, we believe it’s a great time to buy or sell a home in Springfield, Missouri and the beautiful communities that surround us. We help some clients buy another home before or after the close on the sale of their real estate. For more information on Springfield real estate deals, please contact us.