Historically, spring is the most popular time to sell a home. But 2023 was an extremely challenging year in real estate, and now that the market’s changing, it may be a better idea to get ahead of the curve and list your home now, even though spring is months away.
But why, exactly, does it make sense to sell now? A recent article from realtor.com outlined reasons why sellers should consider putting their homes on the market ASAP, including:
Mortgage rates are dropping. In late 2023, mortgage rates for a 30-year fixed mortgage hit a 23-year high of 7.79 percent, and with mortgage rates so high, many sellers and buyers opted to wait. But now that 2024 is in full swing, mortgage rates are trending down. And as they drop, more buyers are entering the market, which can make it easier to sell your home.
Inventory is still low. Although mortgage rates are dropping, available inventory is still low, which means there’s less competition for buyers. That may change in the spring, when more sellers put their home on the market, making now a great time to list a home.
You can beat the rush. If, in addition to selling your home, you’re also planning to buy, doing so now, before the spring rush, can make both buying and selling a faster, easier process.