Top 4 Reasons To Sell Your Home TODAY
Some people wait for specific events to occur until they are forced out to sell their home. Whether it be a natural disaster, divorce, or another unforeseen circumstance. However, we are here to help inform you that selling your home in a state of panic can be a very emotional and challenging experience. Sadly, the market may not be supportive of your decision at that specific time. That is why we want to share with you why NOW is a good time to sell your home.
1. It Is Currently a Seller’s Market
First and foremost, let’s address the current market for people selling their homes: IT IS A SELLER’S MARKET. What does this mean? This indicates low inventory, high selling prices, low interest rates, and motivated buyers. With all of these factors in play, it makes it the perfect equation for a potential seller. If you are thinking about selling your home, do it now before the market shifts.
Let’s take a look at the Baytown Market to better understand HOW and what factors make it a seller’s market.
Low Inventory. Compared to July 2017, there are 10% LESS available homes on the market in July 2018.
High selling prices. Over the last five years, there has been a consistent upwards trend in home values in Baytown, TX. Average annual increase ranges from 5% – 10%. Recent economic reports identify an anticipated downshift in this trend however.
Motivated buyers. Millennials are HERE and ready to buy a home. FORBES estimates that 80% of millennials are seeking the opportunity to own a home because there is a sense of freedom in investing in real estate. A trend that is leading them out of their parents basements and into the home buying market.
Low Interest Rates. This is not unique to Baytown, but well addressed in the media nationwide. Interest rates are rising! Currently lingering at 4%, if interest rates rise, the buyer pool will decline. This means less buyers for you and a lower selling price!
2. Get Out of Debt
Sell your home, get the cash, and get out of debt! It is time to stop playing the mouse and cat game with your finances. Selling your home can provide capital to assist in paying off those pending debts. Americans have $3.898 trillion in debt currently, according to the Federal Reserve. This debt is a combination of credit card debt, auto loans, and school loans.
Accruing continuous debt can have significant impacts on your credit score and your potential for a secure financial future. Selling your asset can provide you with the capital to get out of debt and invest in a lower cost opportunity at reduced interest rates.
Once you get out of debt, the next most important thing you can do is reduce your expenses. Selling your home can provide the opportunity to:
● Downsize: Find a home that requires less maintenance costs and less time.
● Reduce property taxes: Research surrounding areas to see if you can save on your annual tax bill.
● Find a property that better suits your needs!
3. Change Your Investment Strategy
If you have owned your home for some time, you may be comfortable where you are and lack the motivation to move. However, ignoring the opportunities could be losing you money. Since it is a seller’s market, and you are sitting on equity, there may be an opportunity to improve your financial situation by changing your investment strategy.
Selling your home and transitioning into a duplex could provide you with the opportunity to become an investor and a homeowner. Many individuals are transitioning their capital to an income producing property. This option means that you can live in one unit and rent out the other, possibly providing coverage for your mortgage payment.
4. Follow Your Dreams
Owning a home and staying in one place was considered the “1950’s dream.” However, is it your dream? Thousands of Americans are taking the leap and moving abroad in hopes to learn about cultures around the world and try something new.
Although your dream may not be as drastic as moving to another country, obtaining the cash may provide you with the opportunity to get out of your rut and make a move towards a life you dreamt of living.
We here at Gulf State Homebuyers are supportive of all of our clients no matter what reason they having for deciding to sell their home. We provide honest assessments of their homes values and make offers that are comparable to on the market deals. If you are seeking a change, whether it is to improve your financial position or follow your dreams, we are here to help.
Just contact us and we can share with you stories about how we helped our clients make the change they were fearful to do. We can also provide a FREE consultation on whether this is the right time for you to make a move.