Apr 13 2022

Seller tips for the spring market

Should I sell my house now? Find out which dates to list if you want to sell faster and at a higher price.

The good news: It’s still a seller’s market. The great news: If you list your home soon, particularly in spring’s listing “sweet spot,” the odds are high that you’ll sell quickly and at a competitive price.

If you hope to sell your house within the year, timing is everything. Read on to learn why.

Should I sell my house now? 5 compelling reasons

These are the top five reasons – backed by data – you’re likely to hit the jackpot if you sell your house this spring:

1. Inventory is still incredibly tight.

What this basically means is that if you list now, you can sell faster and at a better price.

The numbers support this:

Not only that, but interest in your home may be even higher depending on the dates you list this spring. The latest data from realtor.com®** finds April 10 to 16 to be the “best time to list a home in 2022.” List in this window, and you can expect up to 30-percent more viewings, 13-percent less competition, and a $40,000 higher sales price.

Helpful tip: Pre-qualify* for your new mortgage before you list if you want to simplify selling.

2. You probably have a lot of equity.

Then there’s the fact that as home prices have been rising, your equity has been growing too -- by record amounts. The average homeowner can expect to have gained $55,300 in home equity within the past year, based on CoreLogic’s latest numbers.

If this sounds like you, know that your equity is there for the taking. You can leverage your equity gains when you sell and trade up to your next house. This equity can be used to cover most (and potentially all) of your new home’s down payment.

3. Mortgage rates are inching upward.

We all knew it was coming. As multiple housing authorities predicted, mortgage rates have been slowly climbing and are expected to continue rising throughout 2022.

Still, keep in mind that:

  • When compared to rates of decades past -- like the highs seen in the 1980s -- today’s rates are quite low.
  • Mortgage rate hikes add to the cost of purchasing your dream home; waiting even a few months could cause your monthly mortgage payment on a new home to increase.

If you’re thinking about selling, it’s a smart financial move to act. “In March, for a median-priced home, the monthly payment rose more than $170, due to higher mortgage rates,” Nadia Evangelou, National Association of REALTORS® (NAR) Senior Economist and Director of Forecasting, says.

4. Housing prices are also continuing to rise.

Along with rates, home values are going up too. As a homeowner, this is to your benefit. Rising home prices help to increase your equity. So, the average homeowner can expect to stay in an equity-rich position, making it easier to get into the home you have your eye on without having to come up with much (if any) cash upfront to purchase.

Like mortgage rates, rising home prices also indicate that now is the time to act. If you’re preparing to sell, it’s a good idea to list now and get into your next home before housing prices are driven any higher.

5. You can be as picky as you’d like.

Experts agree**: You won’t find a better market for sellers than you will today. Booming demand, multiple offers, and bidding wars all give you the upper hand as a seller. Right now, buyers are trying to be as flexible as possible.

What does this look like? List now, and you may see higher offers, escalation clauses (automatically increasing an offer up to a certain price point), cash bids, few-to-no contingencies, and flexible closing dates. Almost half of all offers are currently coming in above listing price.*

Make your next mortgage stress-free

Any lender can promise you a great rate. (Rates are historically low; that’s a given.) But what about your mortgage experience? With a 96-percent Customer Satisfaction Rating, it’s not hard to imagine how smooth, simple, and satisfying getting a mortgage with Academy can be. Before you list: Connect with an Academy Loan Officer.

This blog is intended for educational purposes only. Please consult a trusted professional as personal circumstances may vary. MAC423-1480481.

*Pre-qualification is not a commitment to lend.