Is it a good time to sell your home?
Spring 2023, it is a great time to sell your home. The current real estate market is favorable to sellers due to the lack of inventory even amidst the rising interest rates.
The lack of inventory in the housing market is due to a combination of factors, including the limited number of new homes being built and homeowners choosing to stay in their homes longer. This has created a seller's market, with buyers back to competing for a limited number of homes. While higher rates typically discourage buyers, in this case, they are actually spurring demand. Buyers are now feeling a sense of urgency to purchase a home before rates potentially climb again.
Most importantly, the high cost of rent has made it more appealing for people to buy a home. With rents reaching all-time highs, many renters are considering the benefits of homeownership, including the potential to build equity and the stability of having a fixed mortgage payment.
All of these factors have created a favorable environment for sellers. Homeowners who have been considering selling their homes can now take advantage of the current market conditions to get top dollar for their properties. With the lack of inventory and high demand, sellers can expect multiple offers and potentially even bidding wars.
Data Snapshot January Single Family Homes Canton MA
Longer days on market reflect that 3 of the units were new construction.
A look back...
The fourth quarter is typically a slower time for the real estate market, as many buyers and sellers are focused on the holiday season. However, this year was especially slow due to the negative headlines in the news. Concerns about the economy, political instability, and other issues made buyers more cautious and hesitant to make a move.
In addition, interest rates also played a role in the slowdown of the market. While rising interest rates earlier in the year spurred demand, by the fourth quarter, they had reached a point where they were starting to have a negative impact.
Overall, the combination of negative headlines and rising interest rates created a challenging environment for sellers during the fourth quarter of 2022.
If you have been considering selling your home, now is the time to do so. With the lack of inventory, buyers are eager to purchase a new home, and sellers can expect top dollar for their properties.
Contact our local team at Mayer Realty Group to learn more about how you can take advantage of these favorable market conditions.
