When is the best time of year to sell your house? This is the age old question, with no simple answer. Historically, over the years, the best time of year to sell your home is Spring. The spring home selling market is typically when the inventory of listed homes for sale increases, hence creating a busier Real Estate Market and house sale price strengthen.
The 2023 Real Estate Market was a challenging year, affected by several factors including most importantly, rising interest rates and inflation, increasing the cost of daily essentials. 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.
Now that the first month of 2024 is complete, we are seeing the Real Estate market trending up, sales are up, sale prices are higher and there is a sense of consumer confidence. January sales in the lower mainland are up 38.5% year over year, here is a link to the full breakdown, https://www.gvrealtors.ca/market-watch/monthly-market-report/january-2024.html.html
Here are three reason why now is a good time to sell your house;
1.) Mortgage rates are dropping. In 2023, we saw a 23 year high mortgage rate. Since that high, we have seen a steady decline in mortgage rates. With mortgage rates trending down, we will see an increase of Buyers and Sellers entering the market making it easier to sell your home for a higher sale price.
2.) Inventory is still low. Inventory is still very low, creating a more balanced market. There is less competition for Buyers with lower inventory. With Spring right around the corner, inventory typically increases in the Spring which may affect competition and the potential sale price of your home.
3.) Beat the rush. This is a good time to make a Real Estate move. If your growing family needs more space, or empty nesters looking to downsize, now may be the right time to make that next move.
Deciding to sell your home is a complicated decision in usual circumstances, given this is ultimately a personal decision and can only be answered from your perspective, here is a list of questions you might consider when making the decision only you can make:
Are you also Buying a home? When you are listing it is important to understand if you are buying in the same market or not.
What is the house market doing? In British Columbia experts say if you are buying and selling in the same market, it does not matter when you transact! View Market Data
How much equity do you have? To understand a full financial picture, it is important to evaluate how much equity you have in your home.
What is the current value of your home? It is important to determine the current value of your home. This analysis is possible with online tools, or with the consultation of a Realtor. Understanding your neighborhood trends and comparing recent sale prices are some of the tools a professional Realtor uses to help determine the potential sale price of your home.