Interest rates came way down in 2020, but started back on the rise last year and continue to increase. Buyers flooded the market due to historically low interest rates – rates unseen in nearly half a century. But starting in 2021, rates began rising slowly again due to inflation. Rates are expected to continue to rise, according to experts. Buyers are still looking right now, but some of that demand may soon fall off as the year wears on, making selling sooner potentially a better bet than selling later.
Inventory is low due to high demand, so it’s a seller’s market. Many buyers flooded the market when interest rates decreased. A lack of inventory all over the nation has been the result, especially in Rockwall and DFW/surrounding areas. The incredible demand in Northeast Texas here lately has been making homes sell much, much faster, and at much, much higher prices than we could have ever imagined. It’s been a whirlwind! In fact, inventory was 88 percent lower last month than the same time two years ago. Some homes are even being snapped up “sight unseen” — and even a great deal over the asking price. Buyers looking for a new home start to tire of putting in offer after offer, so they are becoming more savvy and upping the ante right off the bat to get the home they want, even if it means offering a great deal more than the listing price.
The peak selling season starts between April and July. If you’re contemplating selling your home, now would also be a good time based on the time of the year. Peak selling season typically kicks off in April and slows towards July and August. This makes sense, as summer is prime moving time when the kids are out of school.
The rush won’t last forever, but right now homes are selling faster, higher and the current market is unlike anything we have seen. So overall, this is a great time to sell if it’s really something you really have been contemplating and pondering over. But of course, there are other questions and considerations. And don’t stress about it! We will help make this process as stress-free as possible for you. So please let us know how we can help.
If we can help you make this decision by answering any types of questions you may have about the current market, your home’s value or the selling process, please give us a call or send us an e-mail. M&D Real Estate Agents would be more than happy to help you navigate this decision, and of course, the process of selling your home, should you decide to do so.
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