Many tenants ask themselves the same question every year: should I continue renting, or is it time to buy houses for sale?
If you’re a renter, you’ve undoubtedly asked yourself this question at least once, and it’s because your monthly housing costs have risen over time. After all, as the Census data shows, rents have been steadily increasing for decades as compared to houses for sale with 10 acres.
To make an educated and decisive decision, the first step is to know what’s going on in today’s housing market so you can choose which option is the best long-term financial option for you.
Rents are expected to face the boom again this year.
Rents are increasing at a breakneck pace right now. The data reveal that rental prices are transparently rising across the country.
When you move, it’s usually not cheap to break your lease. Your monthly expenses will likely arise if you have been into renting and plan on signing a new lease. These increasing expenses might significantly influence your financial goals, including any plans to save for houses for sale.
Monthly costs for houses for sale are more predictable.
Of course, one of the primary advantages of owning a house is that you can lock in and balance your payments for the duration of your loan. When you rent, this isn’t the case.
While rental costs are rising already, many people will see their rental expenses increase even more.
If you’re all set to buy houses for sale, waiting longer may not be worth it. Instead of continuing to pay higher rents, enjoy the numerous advantages of homeownership now.
Here are five reasons why putting your houses for sale on the market this fall is a good idea.
1. Demand Is Strong for houses for sale
According to a new study, buyer demand is still robust throughout most of the country. These purchasers are eager, willing, and able to buy…and they’re currently in the market! Multiple purchasers frequently compete against one another to purchase the same properties.
Take advantage of the current buyer interest in the market.
2. There’s less competition than ever before.
Seasonally adjusted houses for sale data indicates a housing inventory deficit of more than six months remains. This for sure means that in the majority of the country, there are not enough houses for sale to meet the demand from purchasers in the market.
This is good news for homeowners with equity in their homes after years of price appreciation. However, additional inventory may be on the way!
Historically, a person who owns the house stayed in their home for about six years, but that number can reach up to between nine and ten years.
Many homeowners have a pent-up desire to relocate because they could not sell during the previous several years owing to an adverse equity conditions. As the value or price of homes continues to rise, more and more homeowners will be able to move.
Consumers’ options will continue to expand. Don’t wait for this other inventory to become available before deciding to sell your business.
3. The Procedure Will Go More Quickly
Buyers are under increasing pressure in today’s competitive market to do all they can to stand out from the crowd, which has prompted them to seek pre-approval for their mortgage financing.
This speeds up and simplifies the selling process since buyers know precisely what they can afford before they begin house hunting.
4. There is no better time to move up than now.
If you’re moving into a premium or luxury home, now is the time to upgrade! Because so much inventory is available in these higher price ranges, it’s created a buyer’s market for anybody wanting to buy one of these houses.
This implies that if you want to sell a starter or trade-up home quickly, you’ll be able to locate a premium property to call your own!
If you wait to purchase a higher home, you will spend more in raw dollars – down payment and mortgage payment, if you move.
5. It’s Time to Get on With Your Life
Examine why you decided to sell in the first place to see whether it’s worth waiting.
- Is money more important than family?
- Do you think money is more essential than your health?
- It is more valuable to have the freedom to live your life as you want rather than to have money?
You are the key one who knows the answers to these questions. You can control the situation by putting your house on the market. Perhaps it is time for you and your family to move on and enjoy life as you wish.
Bottom Line
So is this the year to buy houses for sale? Maybe. It all depends on your situation and what you hope to achieve by purchasing a home. If you can afford it, buying may be a wise investment that will pay off in the long run.
Remember that you will find many risks involved in any real estate purchase, so it’s better to perform your homework before making any decisions. We hope this article has given you some things to consider as you weigh your options. Are you ready to start house hunting?
