Over the past year, we have seen some interesting and exciting things happen in our real estate market. Homeowners see the vast appreciation and equity increases in their homes like never before. We have seen homes go under contract within the hour of coming on the market. Our market is unlike anything we have seen before, and I am sure you have heard it all before, but there hasn’t ever been a better time to sell your home. So why is now the perfect time to sell your home? If you have been playing with the idea or had it in a passing thought, I hope that the following reasons might help you make the most educated decision on why now is the exact moment you should consider selling your home.
Listings Have Increased:
If you looked at our market just a month ago, we are climbing in the number of listings hitting the market. In March 2022, the Sarasota-Manatee County areas had 1201 homes; today, we have 1511 listed ready for you to call your new home. But what does this mean? If we look back at what most of us understand about economics when supply goes up, demand goes down, and with demand goes prices. Now, will prices in Sarasota-Manatee County suddenly drop? Most likely not. However, they will level out, and there will no longer be tens of thousands of dollars offered over the list price. We could be heading into a more even market or potentially a buyers market in the future as supply continues to rise month over month.
Interest Rates are Climbing
We are no longer in the “COVID Rates” anymore. Those days of historical 2% interest rates have unfortunately moved on. However, with interest rates currently hovering around 4%, we are still looking at low-interest rates compared to years prior. Recent world events and impacts have called for even more potential increases as the year continues, which means that right now, buyers will be able to afford more home compared to if they wait three months and both the interest rate and home value has increased. Taking advantage of the benefits buyers have right now to buy more homes than they could in the past is one fantastic reason you can consider when thinking about selling your home now.
Homebuyer needs have changed.
COVID has taught us a lot and has shaped how many of us work. With companies continuing to allow employees to work from home or anywhere, many have left the bigger cities and crowded apartments and made their way to the temperate Florida Gulf coast. And with many buyers having the flexibility and buying out of state, sellers have more options than ever to sell and close on their homes and still be able to live there for the time being.
There has never been a better time to sell, so if you’re considering, it may be an excellent time to call us and let us walk you through all the reasons it is an ideal time to sell and all the options you have available to you!