We agree with an article in CNNMoney recently highlighted several reasons why this spring would be the perfect time for home owners to get off the fence. Here’s why:
- Less competition: A limited number of homes on the market will help sellers nab top dollar, and may even spur bidding wars and multiple offers.
- Mortgage rate hikes loom: Mortgage rates are still sitting near historical lows, with the 30-year fixed-rate mortgage hovering under 4 percent. The low rates have helped push more buyers into the marketplace, but they could also be a good thing for sellers who are looking to rebuy.
- Soaring rental costs: Also spurring more potential home buyers off the sidelines: Rising rental costs. Rental prices have increased 15 percent nationwide in the past five years in many areas, according to NAR research.
Source: “4 Reasons to Sell Your Home Now,” CNNMoney (March 25, 2015)