When is the best time to move? Maybe you think that the spring season is best or when the kids are out of school. Maybe it’s when your season of life changes. But in reality, that question is similar to other times such as: when is the best time in life to get married, when is the best time to have a child or when is the best time to change jobs. It isn’t a one size fits all answer. The timing that is best is the time that works well for you!
That being said, we can’t tell you the best time to move BUT we can tell you the three reasons to move in today’s shifting market!
1. Growing Number of Homes on the Market
There is a growing number of homes on the market which in turn gives you more choices of homes to purchase. You may have heard about the inventory shortage throughout 2022 and 2023. However, in today’s market we are seeing the number of available homes for sale change. According to Keeping Current Matters there are 36.6% more homes actively for sale compared to the same time in 2023. This means when you’re ready to buy your next home, it is likely there will be several more options!
2. Builders are Ready to Sell
Builders are motivated to sell, which could make a brand-new home more achievable to purchase than you’d expect. You may be surprised at the cost of newly built homes in the area you’re looking to move to, compared to the price of existing homes. It’s something you don’t necessarily have to rule out from the beginning. When comparing existing homes to newly built homes nationally, newly built homes average $416,400, while existing homes average $424,500. What does that mean for you here locally? We would love to talk about your goals for your next home to see if a new build could work for you. Let us help you compare the newly built homes and existing homes.
3. Mortgage Rates Have Dropped
Mortgage rates have come down from their recent peak - which should start to help with affordability. In October 2023, the mortgage rates were as high as 7.79%. Currently we are seeing rates hovering around 6.49%. This drop in rates plus the equity in your current home, may help make your dream home more affordable.
When you’re making the decision to sell or buy, it’s important to work with a trusted REALTOR (like us!) to determine your current home’s market value and a local lender to help you determine what is affordable.
If you’re ready, willing and able to buy, you may find that the current housing market this fall could be a bit easier to navigate.
Connect with us this month to take the first steps moving forward!
