Have you been thinking about listing your home soon? But are waiting for that special nudge to get started? I think it’s safe to say, that time is now.
2 interest rate raises in the last year not only show us a strong and growing real estate market, but a potential shift from the current sellers market. With the possibility of 2 more interest rate raises next year, the time to sell and maximize your equity may be now.
Though sales prices in certain ranges have seen slight to zero impact by the .5% total rate raises over the last year, that is more attributed to the overwhelming number of buyers vying for a certain price range.
With interest rates gradually raising over time I would expect the following.
- Less showings and eyes on 700-550 price range
- Less multiple offer situations in those ranges
- Less homes selling over asking price due to less competition
- More competition at lower ranges then there is already
- Increase in condo/town home showings and demand
- Eventual average decrease in homes sales prices
- Slow equity gain for recent buyers as sellers market momentum plateaus
These are just a few of my potential predictions for the Simi Valley real estate market over time.
These raises may be not so chill for those wanting to sell their home in the future, but they are a sign of a strong and growing market which in turn will put buyers into a position that they can gain equity in their homes without overpaying in such a low inventory market.
So if you’re thinking of selling your home, sell it with Salit and maximize your return while the market is in your favor.
For your Simi Valley home needs and a top Simi Valley Valley realtor, contact me or fill out the forum below!