As mortgage rates continue to rise, edging towards 7% in March, many borrowers plan to wait it out. Others are financially ready and can afford a house, regardless of interest rates. With so much uncertainty, a question that is troubling homeowners is whether to sell their homes this year or wait until 2024.
Cash home buyers in Milwaukee explain that the answer is not straightforward but depends on various factors and circumstances specific to your situation. Some of the things you must consider include the following:
1. The Housing Market Condition
With mortgage rates continuing to rise and home prices increasing substantially, this may not be the best time to sell your house. You’ll get a lower price for the house, or worse, struggle to find a reliable buyer. If mortgage rates drop during the year or home prices level off, consider selling the house later.
2. The Right Season to Sell a House
Typically, spring and summer are the best seasons to sell a house. Realtors declared the days between April 16 to April 22 as the best time to sell a home. With more buyers prepared to go house hunting, sellers will likely get a better home price.
3. The House’s Condition
If the house needs repairs or renovations, it is wise to wait until 2024 to sell it. You will have time to complete the necessary repairs, increasing your chances of selling at a better price. Also, the housing market conditions will hopefully have improved by then, which could help you get a better price.
But if you’re unlikely to spend on upgrades or repairs, sell the house to cash home buyers in Milwaukee. We buy houses in Milwaukee, irrespective of their condition and location, and promise a fair deal. You can sell your house without repairs and within two weeks.
4. Your Financial Situation
If you’re in debt or have lost your job and cannot repay your mortgage, selling your house may be necessary. Sometimes, homeowners may have to relocate to a new city or town and cannot afford to pay for two homes.
5. Recently Refinanced or Bought a Home
If you have recently purchased or refinanced a home, it’s best to wait a few years before selling it. We suggest you enjoy the low-interest rates you locked in and continue building home equity. Since mortgage rates were as low as 3% until 2022, you can easily tide over any financial woes. This situation is especially true if you cannot afford your next dream house. Even with comfortable equity, you’ll find that your purchasing power has diminished mainly because of the increased mortgage rates.