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Should I Sell Now...or in the Summer?
This is probably a question that has been nagging at a lot of people's minds recently. There are three key considerations you should think about in making this decision.
- Inventory is at an all-time low right now: Real estate prices are driven by supply and demand, and supply is extremely, extremely low right now. Currently, there are less than 1,000 homes and condos available in Silicon Valley. I expect inventory to double once we approach June, so now is a great time to get your home listed and marketed if you want to avoid extra competition.
- Interest Rates Will Rise: What this means for you is that waiting will cost you money. The National Mortgage Bankers Association expects rates to rise from 4.5% to 5.4% or 5.3%. This increase could cost you if you wait to buy. For example, on a $700,000 loan, this 1% increase will cost you an extra $420 per month, or an extra $180,000 over the life of the loan! There is no reason not to take advantage of these low interest rates.
- Time Your Listing Well: What I mean by this is that you must put your home on the market when buyer activity is peaking. If you take a look at this map from Trulia, search activity for homes peaks in California during March and April, not during the summer as most people would believe. Missing this peak could prevent you from getting the best price on your property.
Feel free to contact me at (408) 807-4541 or visit www.TheBrettJenningsTeam.com