If you’re thinking about selling your house, you may be wondering how mortgage rates could impact your move. Here’s a look at the top two questions that may be on your mind – and the data that answers them.
1. Should I Wait To Sell?
If you’re thinking about waiting to sell until after mortgage rates come down further, you need to know a lot of other people are too. Many are hoping for a number in the fives or below. But most experts forecast rates will remain in the sixes this year.
While mortgage rates are still projected to come down a bit (as long as inflation and economic data continues to cool), if you wait for that to happen, you may be dealing with more competition as other buyers and sellers jump back in too. As Bright MLS says:
“Even a modest drop in rates will bring both more buyers and more sellers into the market.”
That means if you wait it out, you’ll have to deal with things like prices rising faster and more multiple-offer scenarios when you buy your next home.
2. Can I Afford To Buy My Next Home?
And if you’re worried about how you’ll afford your next move, consider this: you probably have more equity in your current home than you realize.
Homeowners have gained record amounts of equity over the past few years. And that equity can make a big difference when you buy your next home. You may even have enough to be an allcash buyer and avoid taking out a mortgage altogether.
read more…Click here to download the complete Home Sellers Guide Fall 2024
