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Now is the Time to Sell Your Phoenix Home
Manage episode 194946956 series 1908059
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Should I sell now, or wait a little bit longer?
That’s the most frequently asked question we’re getting from our seller clients in today’s market. It’s a common thing to hear in an appreciating market - a seller naturally wants to get as much as they can when they can for their home.
Before answering this, we tell them first that you have to know if you’re going to be purchasing in the same market. If the answer is yes, then the value of each home will increase or decrease concordantly. The home you’re selling may go up, but so is the one you’re buying. You can sell for more, but you’ll also pay for more. Knowing this, it makes more sense if you’re financing in today’s market to purchase that next home now and lock in that 30-year interest rate at the low rate we see today.
That’s the most frequently asked question we’re getting from our seller clients in today’s market. It’s a common thing to hear in an appreciating market - a seller naturally wants to get as much as they can when they can for their home.
Before answering this, we tell them first that you have to know if you’re going to be purchasing in the same market. If the answer is yes, then the value of each home will increase or decrease concordantly. The home you’re selling may go up, but so is the one you’re buying. You can sell for more, but you’ll also pay for more. Knowing this, it makes more sense if you’re financing in today’s market to purchase that next home now and lock in that 30-year interest rate at the low rate we see today.
The second thing to consider is the inherent unpredictability of the market itself. Nobody knows if we’ve already reached the top and are about to decline, or vice-versa. The only thing we do know is that right now it’s a seller’s market.
Thus, our advice is twofold: a) don’t try and time the market, and b) if you’re purchasing in the same market, make that move now and lock in that interest rate.
Taking all this into consideration, the time to sell is now. Not only are you going to get more money for your home and have less to do as far as getting it ready to sell, but it will spend less time on the market.
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