5 Perks of Selling Your Home Right Now

Reasons to sell your home now

You may have been considering putting your home on the market to sell but are unsure due to current real estate market conditions. You know can sell, but are not so certain you’ll find a home to buy. Here are five “perks” of selling now to take under consideration:

Perk 1: Take Advantage of Buyer Demand
Many buyers are looking now to purchase homes. (First-time home buyer properties are especially in high demand.) If you sell now, these buyers will take notice right way and your home should sell quickly. This will mean having to deal with less open houses and showings. The entire selling process will be smoother. Once your home is “sold pending”, you won’t need to worry about keeping it “show ready 24/7”.

In 2021, homes were typically on the market for a single week (as compared to three weeks in 2019 and 11 weeks in 2013.)

Perk 2: Easier Terms for Home Sellers
In this market, contract terms favor the home seller. You can set the closing date and occupancy to your preferences. You do not need to offer home warranties, concede money for home repair or have to offer “carrots” to make the deal more alluring to buyers. With fewer sacrifices when selling, you are giving up less. According to the National Association of Realtors, 75% of home sellers did not offer any incentives to attract buyers in 2021.

Perk 3: More Money For Your New Home
With the home inventory shortage many homes on the market are receiving multiple offers. Competition for homes is driving prices upward. Sell your home now for a high market price and you will have more money to purchase that new home. This does not mean asking too much for your home. If you overprice, the selling process will slow down and you may lose out on multiple, escalating offers. Talk to your agent about a pricing strategy.

Perk 4: You Can Trade Up to a Better Home
Upgrading your home to one that is larger or better suited to your needs is a great reason to sell now. Lock in a still-low mortgage rate. Even if the home costs 10 to 20 percent more, you will come out ahead in the long run in your new home.

Perk 5: Max out the Equity in Your Home
Now is a great time to take advantage of your home’s equity. Take your current mortgage balance and subtract it from your home’s estimated market value. That sum is your home’s equity. Your goal is to have enough equity to pay off your current mortgage and additional money to make a 20% down payment on a new home.

Should You Sell Now?
If you are motivated, you can handle the home-buying process once your old home has sold. It will take tenacity and deep understanding of the market. Working with your real estate agent will play a key role in hearing about homes coming onto the market. Patience and pricing strategies will be important factors in buying that new home.

If you’re willing to either rent or move in with family in the interim, you will have more time to find your new home. Also, you may be able to negotiate renting your current home from the new home buyer.

Sibcy Solutions
Not interested in a double move or need further assistance in securing a down payment for your new home? Sibcy Solutions offers innovative selling options that allow you to remain in your current home until you find a new one. For buyers, we can accelerate getting you into a home by making you a cash buyer. Your real estate agent or Sibcy Cline Loan Originator can review with you based on your unique situation.

Seven Signs Why You Should Sell Your Home Right Now

With a shortage of homes for sale and bidding wars happening on many listed properties, now could be the perfect time to sell. Is the time right for you? Here are seven signs of why you should sell your home:

  1. You’ve outgrown your home. If there are not enough bedrooms or living spaces inside your current home for you and your belongings, now is a good time to think about “buying up” to a larger home.
  2. Where you live is “booming”. Do you live in one of those “hot” neighborhoods where houses are selling quickly and for a high price? This could be your sign to take advantage of the current market.
  3. You are tired to maintaining your current home. If mowing the lawn, gardening, painting and other chores are no longer fun to do, consider selling now and moving to a less maintenance-intensive type of home that better fits your lifestyle.
  4. You have equity in your home. During the housing crash of 2007, equity fell for most homes – but for many homeowners it is now back – and your home could be worth more than you owe on it. Do you know your home’s value in today’s market? You may be surprised and this could be the big sign to sell. Selling while you have high equity is a great way for you to buy that next dream home.
  5. Life changes. Life’s markers can affect housing needs. Perhaps you need a smaller home now or want to move to be closer to family. Changes in family dynamics and work commutes are a few  more reasons that may be pointing you in the direction of selling your old home and getting a new one.
  6. Low mortgage rates. Mortgage interest rates are at historic lows. When you sell your current home, you will be able to afford even more home with these rates. Take advantage of this market.
  7. You are emotionally ready to move on. Moving is not an easy thing to do. Let the guilt of staying in your old home go. Once you have made your mind up to sell, stay the course. Remember, in many areas, homes are selling quickly – that means less people touring your home, less open houses to host and a fast closing. That sold sign in your yard will be your “sign” to move onward.

Ready to sell? Contact your favorite Sibcy Cline agent