Skip to intro (before main) Skip to main content

Is Now the Right Time to Sell Your Home in the Triangle?

Even if you haven’t been thinking about listing your home, you might have heard that mortgage interest rates currently hover near all-time lows. You may also have heard that buyer demand continues to increase, while inventory of homes for sale remains low. And as a homeowner, all that might lead you to wonder if it’s the right time to sell your home.

Signs It’s the Right Time to Sell Your Home

a beautiful home for sale

This has been a year quite unlike any other, and as such, there is a lot of uncertainty hanging over not just real estate, but every aspect of life. This uncertainty has led a lot of sellers to pull their homes from the market or to push pause on their plans to sell.

The result is a huge opportunity for sellers—which means now might be the right time to sell your home.

Inventory is very low

a sold sign on a raleigh home

Low inventory is one of the biggest challenges that home-seekers face this summer. Low interest rates have brought buyers back to the market, but sellers have been more hesitant to list. As a result, inventory has dropped down much lower than in previous years; in fact, the National Association of Realtors reports that housing inventory is down 18.8% from one year ago.

Why is inventory so low? The COVID-19 pandemic and social distancing measures caused many sellers to rethink their selling plans. But the health crisis can’t take full responsibility for today’s shortage of homes. Actually, more and more homeowners are remaining in their homes for longer periods of time, ultimately leading to fewer homes for sale.

Owners have more equity

equity on a home

Before 2008, studies showed that owners tended to stay in their homes for just 5 – 7 years before selling. After 2008, however, the median tenure of a home began to increase by about one year for each year. In 2011, this tenure hit 9 years. In 2014, it climbed to 10 years.

The advantage of staying in a home for a longer period of time is an increase in equity. The longer you remain in a house, the more of your mortgage you’ll have paid off—and the greater the profits you’ll recoup when you sell.

It’s a great time to create a move-up opportunity

buyers looking at a larger house

Low interest rates have created an incredible opportunity for buyers and sellers alike. Selling with a good chunk of equity under your belt allows you to purchase a larger or more modern home, possibly at a similar monthly cost, since your interest rate will be lower.

Thinking of Making a Move in the Triangle?

Are you thinking about listing your home in the Triangle area of North Carolina? Let Linda Craft & Team lend a hand. Contact us today at 919-235-0007 to learn more about how we can put our 350+ years of combined experience to work for your home-selling goals.

Leave a Reply

Explore Triangle Areas