With every new year comes out with the old and in with the new, and this can certainly be the case for your property! As we round out 2023 and move into 2024, the time for selling your property couldn’t be better. From high demand to low unemployment, many factors indicate favorable selling conditions.
Read on to discover the reasons why the end of 2023-beginning of 2024 is a great time to sell your property. By being aware of these factors and having the right agent by your side, you’re sure to ring in the new year with value…in more ways than one.
Why Is It a Great Time to Sell In 2023-2024?
Throughout 2023, the housing market has been complicated for several reasons. However, conditions have been favorable for sellers. Sales have happened quickly and for high prices, a trend that is expected to continue into next year.
Moving into 2024, conditions will be similar. You can expect to sell your property at a high value due to several factors. These include high demand, low unemployment, and free refinancing.
One of the biggest factors influencing the housing market in 2023 was low inventory. As buyers are competing with each other for a limited number of homes, the demand for them has increased. Since they’re in higher demand, you can expect their prices to also increase. Due to this, you can look forward to selling your property in exchange for a high monetary value.
As of the end of 2023, the unemployment rate in the United States has fallen to 3.7 percent. Since there’s a low unemployment rate, potential buyers are making more money and, thus, can afford higher interest rates on their homes.
Additionally, the unemployment rate in Georgia sits at 3.4 percent, and the unemployment rate in South Carolina is at 3 percent. If you’re looking to sell your home in either of these states, you can expect to sell at a potentially higher value than the national average. If you’re interested in selling in these areas, an agency such as Michael Carr & Associates, Inc., Anything Real Estate® can point you in the right direction.
Refinancing your mortgage is a great way to reduce your monthly house payments. Often, refinancing requires homeowners to pay between 2 and 5 percent of the original loan amount in closing costs. However, due to the spike in interest rates summer of 2023 most mortgage companies today are offering no-closing-costs refinancing within the next two years to help remove some of the trepidation sellers have of losing their previous interest rates. Under this scenario sellers may have to pay more for a brief time but they can take advantage of the market now. Later, when interest rates go down, the homebuyer can lower their monthly payments.
If you’re looking to sell your home, this free refinancing can be beneficial. With the potential for interest rates in the future, now is a great time to sell at a higher price, buy bigger at a lower price and get the most value out of the market opportunity.
The Time Is Now
All of the signs point to now as being a great time to sell your property, so you can start the new year with a truly fresh start. The right real estate agent can provide you with direction on how to sell your home, including important preparations to make prior to selling, and what to do afterward. By working with an agency such as Michael Carr & Associates, Inc., Anything Real Estate®, you can ensure that you’re selling your property at the right time, and at a worthy value.