Spring time has come, and most people celebrate this season as flowers once again bloom. It is a time when trees reproduce and grow. The same thing is happening in the real estate market, which is why now is high time for both buyers and sellers to seize the opportunity.
The Best of Both Worlds
You may be wondering why this spring is a great time for both buyers and sellers. Although a lot has been happening these past couple of years, it appears that there are things that homebuyers and sellers could make most of. Here are some reasons why today is the best time to buy and sell a property:
With high demand and low supply of homes, buyers are watching listings closely. This means that sellers get more exposure for their properties. By working with a real estate expert who knows the ins and outs of the market, it is possible for sellers to get great offers and sell quickly.
Source: Q4 2021 National Homeowner Equity Report by CoreLogic
According to a report by CoreLogic, the average homeowner has gained $55,300 in equity over the past year. Home values have increased, which means they can sell their homes at better rates today. Those who wish to move can also use their equity to cover a large part (if not all) of their down payment.
Peace of Mind and Security
Source: Freddie Mac
Buyers can also benefit from the situation. Though property taxes and other expenses may eventually rise, historical data shows that today’s rate is still well below the average for each of the last fifty years. By locking in good rates today, buyers can enjoy reasonable housing payments every month, rather than later when mortgage rates increase. They can have peace of mind since they won't have to suffer future housing cost inflation through fixed-rate mortgage, an incentive that renters can't really enjoy.
Whether you want to downsize to a smaller property, move to a new place and use your equity, or buy a home to lock in your monthly payments, there is no doubt that now is the right time to seize opportunities in the real estate market. If you would like to know more about the steps or see what the best options are, contact us the best real estate agent and real estate team in town: The Island Wide Team! We'd love to walk you through.
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