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Why This May Be the Best Time to Sell Your Home

August 10, 2020
Published by Garrette Custom Homes

This has certainly been an unusual year, but some of that strangeness may just pay off when it comes to selling your home. If you’ve had your eye on one of our Port Orchard WA homes, but have been concerned about whether or not this is a good time to go for it and put your current home on the market, it turns out now may be the perfect time to act!

While it may not seem like a time when people would be looking to purchase a new home, there are a number of factors leading buyers to take the plunge. Summer is typically one of the most popular times to put a home on the market anyway, due to higher volume of buyers. Despite some of the uncertainties this year, that hasn’t changed. If anything, current data suggests that there are more buyers than sellers, which makes now an ideal time to put your home on the market. With a surplus of buyers and a smaller number of homes available, your home is likely to sell much faster and potentially at a higher selling price. With more buyers, there’s a better chance of a bidding war on your home or at least a buyer willing to pay full price.

The number of homes available last year was already low, and this year, inventory is 27% lower than last year at the same point, according to realtor.com’s market outlook. When buyers have less to choose from, they’re going to snap up any home that meets enough of their needs, knowing they can’t be as choosy as they would be in a buyer’s market. This ties in with home prices increasing, with sellers getting top dollar for their homes.

Knowing that your home is likely to sell faster than in previous years, and for more money, is a solid reason to put your home on the market right away. However, this also ties into purchasing a new home. One reason why people are so focused on buying right now is the record-low mortgage interest rates currently available. In early July, average interest rates were at just 3.07% for a 30-year fixed-rate mortgage. These kinds of numbers encourage people to buy, because they can get more home for their money, even with higher home costs. Alternatively, even if you don’t buy a more expensive home than originally budgeted, this means you end up with a significantly lower monthly payment. That money can be used to pay off principal, other loans, college for the kids, be put into savings, or whatever you may need.

Along with the low mortgage interest rates that are encouraging people to buy, there’s also a new awareness of what people want in a home. This year has given people a new perspective on what they want and what they need in a home. Increasingly, buyers are looking for rooms or spaces that can serve as a home office, home school, or even a home gym. We offer a variety of home designs that are flexible enough to let your new home meet your changing needs, while still providing plenty of space and great architectural features to make you enjoy spending time in your home.

If you’ve been considering purchasing one of our new Port Orchard WA homes, now is the time to act. Put your existing home on the market now, because there’s an excellent chance that it will sell quickly and for a great price. With that extra money, and the current low mortgage rates, you could easily find yourself in one of our brand new homes that has been customized to fit your lifestyle now and for years to come. Contact us today to learn more about our move-in-ready homes or your chance to build from the ground up. Whatever you choose, now is a great time to make a dream become a reality.

Categorized in: Build on Your Land, Design Tips, Fall Tips, Home Decor Tips, New Home Tips, Selling Tips

This post was written by Garrette Custom Homes