Should You Sell Your Home as Demand for Houses in the Market Increases?
The demand for more homes for sale in the market continues to increase, as buyers are on the lookout for a new house to live in. Given that the increase in the demand has resulted in higher selling prices, should you take advantage of this and sell your home or is it better to remodel your current house?
A lot of buyers are starting to get frustrated over the low inventory of homes for sale in the real estate market. As previously reported here on Realty Today, first-time homebuyers are even more affected by this because the said demand has resulted in an increase in the selling prices of homes and has even led to bidding wars.
While things are not looking good on the buyers' end, everything is looking pretty rosy for the sellers. Aside from getting multiple offers upon listing their property on the market, sellers are also receiving higher than asking price.
This made a lot of homeowners wonder if they should take advantage of this home price appreciation and sell their home. Realtor.com notes that while it may be a good way to take advantage of the increase in the selling price of homes in this seller's market, you should also remember that you will also become a buyer once you sell your home.
"If your market is hot, your home may sell quickly and for top dollar, but keep in mind the home you buy will also be more expensive," said Will Featherstone, founder of Featherstone & Co.
It would, therefore, be better to think twice before listing your house on the market in hopes of getting the most out of your house value. If, however, you have other important reasons to sell your home such as the need for more space or a need to relocate for a new job, then it may be good to assess your financial condition and see if you are ready to compete with other buyers in the market.