Why Now Is Still a Good Time to Sell

You’ve been holding your real estate, waiting for the perfect time to sell, and wondering if you’ve missed the mark. It’s true, there was a time not so long ago when sellers could ask for top dollar, refuse to honor any requests for conditions, and still expect to receive hundreds of thousands of dollars over the asking price. Especially in Coachella Valley real estate, sellers have long held the power, and buyers have had to hope and fight for a great deal. Today, the balance of power has shifted a bit as interest rates have risen, and fewer buyers seem willing to compete with dozens of other buyers for a single home.

However, now is still a great time to sell a house for many reasons. First, location matters, and the California desert is only growing in appeal as homeowners flee big cities and seek a quieter, calmer life farther out. Furthermore, we’re in a time of shifting interests and hunger that could largely favor sellers. Finally, the seller must also think of their future as a buyer and make moves accordingly.

The real estate market has been incredibly volatile for the last several years amid the pandemic and other global instigators. We’ve seen interest rates drop and then steadily incline, and housing inventory began to open up and prices lowered. For a moment, there was hope for many buyers that we were entering a buyer’s market with lower interest rates, lower housing prices, and perhaps a larger supply of inventory from which to choose.

Alas, it seems that time never quite arrived, and instead, we seem to be headed firmly back into a seller’s market. Interest rates dropped to 6.84%, and the Federal Reserve is currently pausing the relentless rate hikes, which is getting more buyers out into the market to buy. At the same time, predictions point to an increasing rise in housing prices, some by as much as 15%. All of this news is good for sellers, who will have a larger pool of buyers to choose from, driving up demand, and higher values to work with, driving up profitability.

Also, for homeowners waiting for the perfect moment to sell, summer is the best time to put your house on the market and expect a quick turnaround. Families want to get their kids enrolled in local schools and get everyone settled down before the new school year begins, so you will have even more buyers to choose from than usual.

With the market shifting as it is, we are sitting precariously in a window of opportunity for buyers and sellers. Buyers are still hungry to get a deal, with interest rates down and houses not quite at all-time highs yet. This hunger means sellers have more to work with and can pick and choose offers. Homes are selling relatively fast, which means more buyers than houses. Now is the time to capitalize on that as a seller before buyers grow weary of competing once more and either decide to wait for this market out or head to a different area entirely, like out of state.

It is also wise to remember that if you sell your house, you will also likely be a buyer. While we are in this window that favors sellers but is not too bad for buyers, it pays to be mindful that the faster you get your house on the market and sell with a trusted realtor, the faster you will be able to find a new home on the market before prices rise too high and interest rates potentially start increasing once more. For a long time, homeowners were afraid to sell their homes out of concern there would not be inventory to buy something new at a reasonable price point. Sellers are now in a sweet spot that can benefit them from both angles. It is a great idea to take advantage of that sweet spot before it disappears.

While Coachella Valley may not be commanding five million homes like in Malibu, predictions across the board do expect a steady increase in housing prices. A median home value of $269,602 can expect a rise to $302,360 over the next five years, a 13% return on your investment. Furthermore, as the housing supply continues to decrease, the favor will continue to shift more heavily in favor of the seller. Location is everything, and more homeowners and homebuyers are seeking houses in places like the California desert. All of these realities make for a solid seller’s market in Coachella Valley.

Of course, the decision is a personal one, as always. If you have a great interest rate on your home, well below 4%, a ton of equity, and your home is almost paid off, you may decide to simply hold what you have and wait to see how the market shifts. At the same time, if you would like to pull out your equity, if you are looking to upgrade or downgrade, or if the location of your job is moving, now is a great time to buy. And remember, just because interest rates are relatively high right now does not mean you are locked into 6% or 7% forever. You can always refinance your home at a later date, get a better mortgage payment, and save a ton of money. In the end, you will have taken advantage of a seller’s market that can get you top dollar for your real estate now.

If you’re still on the fence about whether now is the right time to sell, contact Team Armstrong to discuss your options. When it comes to Coachella Valley real estate, this team of realtors has the expertise you need to get top dollar for your home and find the next home of your dreams. Team Armstrong has a reputation for honesty and integrity and is eager to exceed your expectations. Contact Team Armstrong today to put your Coachella Valley home up for sale.