Why You Should Sell Your Home Now
Are you considering selling your home but wondering if now is the right time? I can tell you that there are several reasons why now might be the perfect time to sell your property.
High Demand for Homes: The real estate market has been strong in recent years, with high demand for homes across the country. A shortage of inventory have driven up prices, making it an advantageous time for sellers to get a good return on their investment.
Competitive Offers: With so many buyers in the market, sellers are receiving multiple offers on their homes. This competitive environment is resulting in higher bids and more favorable terms for sellers, such as quicker closing times and fewer contingencies.
Low Inventory: As mentioned earlier, there is currently a shortage of homes on the market. This means that there are more buyers than available properties, making it a seller’s market. If you’re looking to sell your home, this is a great time to capitalize on the limited inventory and high demand.
Remote Work: The COVID-19 pandemic has led to a significant shift in the way people work. Many businesses have implemented remote work policies, allowing employees to work from anywhere. This has led to an increase in demand for larger homes with home offices and outdoor spaces, as people are spending more time at home than ever before.
Tax Benefits: Selling your home now can also provide tax benefits. If you’ve lived in your home for at least two years, you can exclude up to $250,000 of capital gains if you’re single and up to $500,000 if you’re married. This can save you a significant amount of money in taxes.
Record High Rents: With Northern NJ now the most competitive rental market in the country this is driving more people to consider buying over renting even with the higher mortgage rates. Savvy buyers know that owning a home and having a fixed housing cost is the best hedge against inflation and that they can refinance when/if rates drop.
In conclusion, there are several compelling reasons why now is a great time to sell your home. High demand, competitive offers, low inventory, remote work, a large pool of buyers and tax benefits all make it a favorable time to put your property on the market. If you’re considering selling your home, it’s a good idea to work with a reputable real estate agent who can help you navigate the current market and get the best possible price for your property.
