10 Reasons Why Now is the Perfect Time to Sell Your Home in Westlake Florida
Across much of the United States, it’s a thriving seller’s market. This fact leaves plenty of landlords and homeowners wondering if it’s time to sell your home in Westlake Florida realtor. Due to world events, many people are experiencing financial and personal uncertainty. However, if you’re someone who is interested in selling, time is of the essence. We’re going to break down the 10 biggest reasons you want to sell your home in Westlake Florida realtor now.
1. High Resale Values
Even if you’re someone who has only had their home for a few years, there’s a very good chance that your home is worth more than you paid for it. A lot of people see their homes as a nice investment, and taking time to sell your home in Westlake Florida realtor right now could free up funds to cash in on some of your home’s equity. The amount of equity you have depends on what the market conditions were like when you bought it and how long you’ve had it. If you purchased your home from 2012 to 2015, you could have a lot of equity. To find the equity, find the current value of your home and subtract the amount you owe. So, if you bought the home for $200,000 but it’s worth $300,000 now, and you woe $140,000, your equity is $160,000.
2. Homes are in Short Supply
World events delayed construction builds, and rising material costs have led companies to focus more on luxury homes to help them pull in a better profit. Also, a shortage of existing homes means that any home that hits the market is usually gone within days. However, sales are beginning to taper off. This means that it’s a great time to sell your home in Westlake Florida realtor before the demand drops and you have more competition from other homeowners.
3. Higher Home Prices and Appreciation
During 2020, it was estimated that homeowners gained an impressive $17,000 in equity on average. As home values appreciate, the equity continues to rise. A lot of homeowners choose to cash in on this equity and use it to buy the home that they’ve been dreaming of. The added equity combined with other favorable market conditions like low supply and high demand creates the perfect selling time. Many sellers did fear that world events would cause the prices of homes to drop, but the opposite came true and continues to be true.
4. Mortgage Rates are Going Up
In early 2021, most mortgage rates dropped to almost record lows. This encouraged more buyers to enter the market and try to find their dream home. So, as buyers started to find more favorable options for their mortgages, demand went up. This is great news for any seller. However, mortgage rates are starting to go back up. So, they’re now not as attractive as they were in the past several months. The slight upturn is a great reason to sell your home in Westlake Florida realtor.
5. More Leverage
Currently, there are many more people interested in buying a new home than selling their current one, and this creates a fantastic seller’s market. When this happens, anyone who sells gets the upper hand when it comes to negotiations. You’ll most likely get several offers on your home due to bidding wars. As a seller, this allows you to use your leverage to get the best possible contract. You have the chance to walk away with much more money than you normally would.
6. Get a House That Meets Your Needs
So much has changed over the past year; it makes sense that your home may not meet your needs anymore. Spending extra time in your home allows you to re-evaluate homeownership as a whole and figure out what the most important aspects are. Whether it’s a house that offers space for hybrid schooling, working remotely, or a home gym, selling your home now gives you the chance to move and find your dream home that is better suited to your lifestyle.
7. Elevated Neighborhood Status
When people are looking for a home, they’re looking for one in a safe and desirable neighborhood. With the heightened buyer’s market, this can bring your neighborhood value up as well. The Westlake Florida realtor region is a beautiful one, and it has good schools, a neighborhood feel, and plenty of activities that are just a short way away. All of this translates into being desirable for buyers, so it’s common to get several offers from young buyers or families who are looking to purchase their first home, settle down, and start their own families.
8. Can Sell “As-Is”
Because there is such a high demand for homes, many people are signing contracts to purchase their homes in the current condition. This means that you won’t need to necessarily invest as much time or money on updates and repairs like you normally would to attract the right buyers. So, you can sell your home in Westlake Florida realtor with relatively little fuss, and this allows you to close much faster.
9. Faster Processes
Typically, selling a home can be a nightmare scenario of back and forth between the buyer and the seller. However, since the demand is so high and you have plenty of offers to choose from, you can sell your home much quicker. There’s less back and forth, and many people will buy your home right now exactly as it is.
10. You Need to Move
Maybe you recently got your dream job offer, or your kids are grown up and out of the house, and you have too much space. Whatever the reason, selling your home will give you the funds to either put a down payment on or purchase a new home outright. You can then take that job, downsize, upsize, and find the perfect house for your needs.
Sell Your Home in Westlake Florida Realtor Today
If you’re considering selling your home in Westlake Florida realtor, let our experienced and passionate staff help you. Contact us to set up a consultation today and get your home on the market while it’s hot.