Deciding when’s the “perfect time” to sell your home is never an easy choice. You have to examine if your personal timeline aligns with Utah’s housing market conditions as well.
Current Market Conditions
First off, the bad news. As inflation has risen dramatically in the U.S. over the last several months, the Federal Reserve has risen interest rates in an attempt to slow inflation. This means that people will have less money to spend on a house because they’ll have to factor in paying a higher interest rate on their mortgage each month. You’ll also have to reconsider what kind of house you can afford and how the increase in interest rates will affect you.
Now for the good news. Despite the rise in interest rates, the housing market continues to be highly competitive in Utah as many buyers are looking to escape renting and aspire to have an asset they can use to build equity over time. Many buyers continue to bid over the asking price and bidding wars continue to be a common occurrence.
Is Now a Good Time for You to Sell?
It’s always best to try and sell your home when interest rates are lower since there will be a larger number of potential buyers. However, despite the higher interest rates that are out currently, many buyers haven’t been deterred from making a home purchase.
The answer to the question really comes down to your own personal situation. If you don’t have a solid game plan for what your next move is going to be or how much house you can afford with the change in interest rates, then it may be best to wait to sell your home until after interest rates lower again.
On the flip side, no one is exactly certain when interest rates will lower, so if you’re feeling like you can’t continue to wait to sell your home, then it could be better to sell sooner, rather than later. There’s also no guarantee that the Federal Reserve won’t raise interest rates again, so it could be better to make a move now.
Use a Cash Home Buyer as Another Option
Regardless of the housing market’s current conditions, a cash home buyer is an excellent solution for selling your home in Utah. The cash buyer will come to your home and evaluate it and then make you an offer based on the research they conduct during the evaluation. You’ll then be able to compare their offer to the potential profit you’d have from selling your home traditionally.
Be sure to look at what percentage most realtors in your area charge for a home sale and factor that into the price you could sell your home for. In many situations, using a cash buyer is a faster solution that will save you a lot of headaches and you could even make a greater profit since a realtor wouldn’t be involved.
If you’re interested in learning more about the cash home buying process, contact Enlight Homebuyers at
801-939-0123. We buy houses in Utah in any condition and would love to get you a fair cash offer today!