People decide to sell homes and real estate holdings for various reasons including:
moving to a preferred location, a growing or shrinking family, retirement,
change in employment, or to maximize gains on an investment. Those who have
flexibility as they make real estate decisions should strategize when
determining when and how to list a property to maximize profit and facilitate
the purchase of a different home.
In the past year, the housing market experienced different dynamics compared to the
early years of the pandemic. Home prices had been rising rapidly, but higher
interest rates since 2022 along with more limited inventory on the market have changed
real estate market conditions. Mortgage interest rates have begun to stabilize,
and with rates declining, more buyers who have been sitting on the sidelines
are likely to be searching for a new home in the coming months. Many of these
buyers will be reentering the market with increased purchasing power.
Homeowners who have owned their properties for a few years can expect to see
growth in their property value, though the market is unlikely to see growth at
the rates we experienced during 2021.
Looking at real estate trends over the past nearly 25 years, the busiest months in the
real estate market have been in the spring and early summer months in Arizona. After
a typical lull during the holiday season, the market usually begins to bounce
back in February, heats up in March and April and is hottest in May and June. Typically,
the months of January and March see the the highest number of new listings
available on the market in the Phoenix area. Given that the typical home in
Arizona now takes about two months to sell, the most advantageous time to place
your home on the market is now!
If you're unsure about selling your home in 2024, you have a few options. You can
take advantage of the current low inventory by listing your house for sale.
Alternatively, you can wait to see how interest rates and inflation trends
affect the housing market. Lastly, you can choose to stay in your current home
for the foreseeable future.
Here are three reasons why selling your home in 2024 may be a good idea:
1. You're not scared by current interest rates and have the means to finance your next
home purchase. Allow us to recommend some excellent mortgage brokers to find
out what you can afford today.
2. You have a good understanding of your home's value and are willing to price it
competitively in the market. Let’s have a conversation about how REALTORS®
determine home values, and let us give you an idea of how our marketing
strategies will help you to get a great return on your investment.
3. You have a pressing need to move, whether it's due to a change in employment,
family circumstances, or other reasons.
On the other hand, here are three reasons why you might want to wait to sell your home in 2024:
1. You bought or refinanced your home in the last couple of years, benefiting from low
interest rates and affordable mortgage payments. You may not want lose your
current low interest rate and affordable house payment. On the other hand,
rates are projected to continue to drop in the coming year, and it’s better to
pay less now with a little higher interest rate than to lose out on the equity
you will likely gain in coming months to pay a little less in interest.
Remember, you can always refinance your loan if rates decline in coming months
and years.
2. You're concerned about affording your next home purchase, considering rising
interest rates. Let us connect you with one of the mortgage professionals we
trust for a no obligation discussion of your current situation. This way, you
will know exactly what you will be able to afford in the current market.
3. You're worried about finding a suitable new home due to low housing inventory.
Perhaps you’ve been looking at Zillow, Redfin, Realtor.com, or another
consumer-based website, and you haven’t seen any homes that are appealing.
Consider giving us a call, as we specialize in prospecting to find off-market
deals for our clients. We have tools that use artificial intelligence allowing
us to reach out to the homeowners who are most likely to sell (but who have not
yet placed their homes on the market) in the areas you’ve targeted.
Ultimately, the decision to sell your home in 2024 should be based on your individual
circumstances, financial considerations, and housing market conditions.
Call us today for a free consultation to provide you with personalized
advice based on your specific situation.
