Three reasons why the spring market is a golden opportunity to buy or sell.
Could the spring of 2022 be your golden opportunity in the real estate market? Today I’ll discuss three aspects of the market that show why the spring may be home sellers’ time to shine:
1. There’s a severe lack of inventory. In the Phoenix metro area, we should have around 16,000 homes for sale, but we currently only have around 4,000. By listing your home now, you can take advantage of all the buyers desperately seeking available properties. They may even be willing to let you stay in your home for months after you close to give you enough time to find your next home.
2. Homeowners’ equity positions are rising at rapid rates. The average homeowner in our market has seen around $90,000 in appreciation over the last year. This large increase may be just what you need to cover the entire down payment for your next home.
3. Mortgage rates are increasing significantly. With all the uncertainty in the world today, rising interest rates are something we can be sure of in the coming months. Increasing rates will decrease the demand for homes and raise mortgage payments, which will result in you getting fewer offers since some buyers will be priced out of the market.
The bottom line is that the spring market could be your last opportunity to lock in a lower rate and get the most value from your home sale. That’s why it’s more important than ever for you to work with an experienced real estate agent.
If you have any questions or need assistance, don’t hesitate to give us a call or send us an email. We look forward to helping you.