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Is Waiting to Sell Your Home Costing You?

One debate homeowners often have is whether to sell their property now or wait. While moving homes may require quick actions because of a job change or new family addition, other times, homeowners may wait for ideal market conditions before making a move.

Southwest Virginia and Northeast Tennessee are in a seller’s market. Therefore, if you are considering selling your home in the region, waiting to list could cost you. While several factors can affect how much you are missing out on by waiting to sell, these five reasons are why waiting to sell your TN or VA home may cost you. 

Buyers are Currently Looking and Anxious to Purchase

The ShowingTime Showing Index for the South Region shows an almost 20% year-over-year increase in scheduled showings for February 2022. The Y-O-Y growth was the largest among other regions in the United States, according to the report from ShowingTime. The data speaks for itself; the market is still very active, and buyers are currently searching for their next home to purchase. 

Take Advantage of the Strong Demand and Low Inventory

To score the best possible price with your ideal contract terms, you should place your home on the market when there’s a high demand and less competition. The local Southwest Virginia and Northeast Tennessee real estate markets, like many areas around the nation, are experiencing a housing shortage. This sets the stage for sellers to negotiate the most favorable contract terms while getting the best price for their property. The low inventory is an opportunity for home sellers to take advantage of their home equity to make their move.

Newly Constructed Homes will Increase Competition when Selling Your Home

The pandemic caused delays for many building projects due to labor shortages and supply chain bottlenecks. Those that secured building permits for single-family units over the past couple of years are expected to complete their projects soon, resulting in increased competition if you choose to sell your home later. Listing your home before an influx of newly constructed homes hit the market can help ensure interested buyers give your home more attention. 

Now is One of the Best Times to Move Up

If upsizing is your goal for moving homes, now is one of the best times because experts project an approximate 5% appreciation of home prices within the next year. Therefore, waiting to move into a larger home will result in the purchase costing you more the longer you wait. Also, with the expected increase in mortgage interest rates throughout the year, locking in a lower rate now will help make your home purchase more affordable.

Is It Time for a Change?

When deciding whether to sell your house, ask yourself why you are selling in the first place.

  • Are you relocating for work? 
  • Are you moving due to health issues? 
  • Is it important to be closer to loved ones right away?
  • Do you need more space to feel happier in your home?

Answering these questions and thinking about your goals and priorities can help you decide if it’s worth waiting to sell your home or if now is the best time to make your move. 

If you are struggling to decide if now is a good time to list your home or are curious about the rapidly changing market conditions in Abingdon, Damascus, Marion, Bristol, Kingsport, Johnson City, and the surrounding areas, talk to our local real estate professionals. We can discuss how selling your home now can benefit you and help you determine if it’s the right move for you and your family. Contact us to learn how we can help you achieve your real estate goals this year. 

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