Should I Sell My Home Now or Wait?

Have you been thinking about selling your home? Or plan to list this coming Spring? Should I sell my home now or wait?

I’m Megan Farmer, real estate broker in Illinois. Let me tell you why you shouldn’t wait to sell, even if you plan to buy another home.

Market Trends

Majority of home values in the Northern Illinois area have doubled or more since the bottom of the market occurred around 2012/2013 after the last recession. I have the data to back this up, if you don’t have it, send me an email or whatever your preferred method is, and I’ll get that to you.

At this time, the average home values are not expected to go reduce the next few years. I know some buyers are hoping for the market values to drop, but it’s not likely. The Fed doesn’t appear to have any more plans to increase interest rates. In fact, they should drop slightly, seeing 7% soon and into the 6% range by Spring 2024—according to NAR’s Chief Economist Lawrence Yun. These rates lowering are only going to create more buyer demand, which will bump up those home values. If enough sellers come on the market, it will have a bit of a lesser effect. But there are NOT enough sellers out there currently to do that. Many markets are still seller’s market at the current interest rates, so the rates lowering are only going to make the buyer market more demanding.

Resource: https://www.nar.realtor/newsroom/nar-chief-economist-lawrence-yun-forecasts-existing-home-sales-will-rise-by-15-percent-next-year

Why Sell My Home Now Instead of Waiting?

The median home values are up YTD Year over Year nearly 9%+ in the Northern Illinois area. Last year was a sellers’ market, too—however, there were less homes listed this year, ergo more buyers in multiple offer situations driving up that home value and sales price. If you’ve lived in your home for 10+ years, you are potentially doubling the value from the time you bought your home. Woah! You have equity in your home, and you can use that to your advantage now. While buyer demand is less during the holiday season, everyone gets busy, etc, it will not change the fact that it’s still a seller’s market, and you will still get a great sales price for your home. And get the equity you want from selling your home, while being in a “better” buyer market than if you wait until Spring.

What if I Plan to Sell in 1 or 2 Years?

In the event the rate ever reaches 5%, it’s going to be a frenzy. The multiple offer situations will drive up prices, and any money you save on interest rate will be paid in principle balance on your new home from the increased sales price.

Don’t wait to sell. There is no need. You will get great equity and have more opportunities right now as a buyer. Even if you don’t plan to buy. We know the data right now, and it is good for sellers. The future is unknown… sometimes things happen and change the market… like Covid. It was a buyers’ market up until Covid. March 2020 as lockdowns started to happen, real estate slowed way down for 1-2 months, then quickly rose to a seller’s market because the rates kept getting lower and lower. Historically low, the chances of seeing 2s and 3s, are slim. 4s might be pushing it, too, at least for a while to come. 5’s will be a frenzy, probably similar to covid times.

In Conclusion…

So don’t wait. Sell and buy now. Maybe refinance later. Sell now and rent instead or move out of state. Buying, selling, renting, relocating to another state or even country, I can help you through all of it. Check out the Move Meter, it will compare differences between living in two different cities (cost of living, data, etc)

Any questions, send me a message, call me, text me, marinade in it, whatever you want. Subscribe to my Youtube page, follow me on Instagram, Facebook, Tiktok. I have my information below.  Take care!

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Cell: 312-844-0050

Megan.Farmer@CBRealty.com