Is Now a Good Time to Sell Your Home?
Updated: Nov 3
Is now a good time to sell your home?
With endless real estate news flying around, many are still unsure if the time is right for them to sell their home. This confusion is often due to the fact that real estate markets are not black and white – while it may not be good timing for your friend to put their house on the market, it may be the perfect time for you to sell your home.
Different real estate markets benefit certain micro markets, so the first step in deciding if now is the right time for you to sell your home starts with determining your home's micro-market.
Micro-markets are defined by the price point, location, and features of your home.
Right now, certain micro-markets are doing particularly well while others are more intensely feeling the effects of higher interest rates.
For example, mid-price homes are flying off the market, while higher priced homes are experiencing a more sluggish sales process. This is evident by short days on market, multiple bids, and quick under agreement periods for mid-priced homes.
The Synergy Group recently marketed a condo at Wakefield Station (175 North Ave, Unit 508, Wakefield) that was under agreement in only 5 days and closed in only 20 days.
The week after that, our team marketed a single-family home at 51 Gould Road in Andover that received an over asking price offer within only 1 week of being on the market. While these properties are in different micro markets geographically, they are both mid-priced homes under 1M.
One reason why mid-price homes are flying off the market is because rent is at an all-time high, so first-time buyers are desperate to start investing in their futures.
Interest rates are actually scaring away first-time buyers less than current homeowners because in most cases they are currently paying a similar monthly fee to what they would be paying for a mortgage.
While mid-priced homes are currently in high demand, each micro-market is constantly evolving as buyer preference and demand shifts. Don’t wait to contact a real estate agent today to find out if it’s the right time for you to sell or buy a home.
At The Synergy Group, we have over 35 years of experience navigating different real estate markets, varying interest rates, and changing economic conditions. We can provide the data and expertise to help you decide if now is the right time for you.