Sellers: Don’t Wait Until Spring To Make Your Move

Dusty Rhodes • January 21, 2022

As you plan out your goals for the year, moving up to your dream home may top the list. But, how do you know when to make your move? You want to time it just right so you can get the most out of the sale of your current house. You also want to know you’re making a good investment when you buy your new home. What you may not realize is, that opportunity to get the best of both worlds is already here.


You don’t want to wait until spring to spring into action. The current market conditions make this winter an ideal time to move. Here’s why.


1. The Number of Homes on the Market Is Still Low

Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market than there are homes available, and that means buyers are eagerly waiting for your house. Listing your house now makes it the center of attention. As a seller, that means when it’s priced correctly, you can expect it to sell quickly and get multiple strong offers this season. Just remember, experts project more inventory will come to market as we move through the winter months. The realtor.com 2022 forecast says this:


“After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows.”


Selling now may help you maximize the return on your investment before your house has to face more competition from other sellers.


2. Your Equity Is Growing in Record Amounts

Current homeowners are sitting on record amounts of equity thanks to today’s home price appreciation. According to the latest report from CoreLogic, the average homeowner gained $56,700 in equity over the past 12 months.


That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your own home search, rest assured your equity can help fuel your next move. It may be just what you need to cover a large portion – if not all – of the down payment on your next purchase.


3. While Rising, Mortgage Rates Are Still Historically Low

In January of last year, mortgage rates hit the lowest point ever recorded. Today, rates are starting to rise, but that doesn’t mean you’ve missed out on locking in a low rate. Current mortgage rates are still far below what they’ve been in recent decades:


In the 2000s, the average mortgage rate was 6.27%

In the 1990s, the average rate was 8.12%

Even with mortgage rates rising above 3%, they’re still worth taking advantage of. You just want to do so sooner rather than later. Experts are projecting rates will continue to rise throughout this year, and when they do, it’ll cost you more to purchase your next home.


4. Home Prices Are Going To Keep Rising with Time

According to industry leaders, home prices will also continue appreciating this year. While experts are forecasting more moderate home price growth than last year, it’s important to note prices will still be moving in an upward direction throughout 2022.


What does that mean for you? If you’re selling so you can move into a bigger home or downsize to the home of your dreams, you want to consider moving now before rates and prices rise further. If you’re ready, you have an opportunity to get ahead of the curve by purchasing your next home before rates and prices climb higher.


Bottom Line

If you’re considering selling to move up or downsize, this may be your moment, especially with today’s low mortgage rates and limited inventory. Reach out to a local real estate professional today to get set up for homebuying success this year.



Source: Keeping Current Matters


Dusty Rhodes Properties is the Best Realtor in Myrtle Beach! We do everything in our power to help you find the home of your dreams. With experience, expertise, and passion, we are the perfect partner for you in Myrtle Beach, South Carolina. We love what we do and it shows. With more than 22 years of experience in the field, we know our industry like the back of our hands. There’s no challenge too big or too small, and we dedicate our utmost energy to every project we take on. We search thousands of the active and new listings from Aynor, Carolina Forest, Conway, Garden City Beach, Longs, Loris, Murrells Inlet, Myrtle Beach, North Myrtle Beach, Pawleys Island, and Surfside Beach real estate listings to find the hottest deals just for you!

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VantageScore 4.0 Now Available to All GSE-Approved Single-Family Lenders

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NAR says introducing competition into the credit scoring process has the potential to lower costs, improve efficiency and open the door to more qualified home buyers. The Federal Housing Finance Agency, Fannie Mae and Freddie Mac are moving forward with updated credit scoring models for all forms of mortgage lending. The announcement was made by Federal Housing Finance Agency Director William J. Pulte. The FHA followed suit announcing it would accept Vantagescore and a new FICO score beginning in 2027. The move builds on Pulte’s announcement last year that Fannie Mae and Freddie Mac would begin testing VantageScore 4.0 as part of the mortgage underwriting process. The National Association of REALTORS® welcomed the change, saying a more modern approach to evaluating credit could broaden access to mortgage financing. The updated models may be particularly helpful for consumers with limited traditional credit histories, giving more prospective buyers an opportunity to qualify for a mortgage. “The Federal Housing Finance Agency’s announcement marks an important step forward in modernizing the mortgage marketplace,” says NAR Executive Vice President and Chief Advocacy Officer Shannon McGahn. “For years, the National Association of REALTORS® has advocated for a more competitive and innovative credit scoring system, one that better reflects how consumers manage their financial lives today.” VantageScore 4.0 was created by Equifax, Experian and TransUnion and is designed to evaluate credit behavior over time. The model can also incorporate certain payment information that has historically received less consideration in credit scoring, including rental, utility and telecommunications payments. Consumers who consistently make those payments on time could benefit from having that information reflected in their credit profiles. The Fair Isaac Corporation, commonly known as FICO, is working to implement its own modern score. “Introducing competition into the credit scoring process has the potential to lower costs, improve efficiency and open the door to qualified borrowers who may have been overlooked under older models,” McGahn says. “By allowing multiple credit scoring models that consider rent, utility and other payment histories, this policy can provide a fuller picture of a borrower’s creditworthiness and open the door to homeownership for more Americans.” NAR says the availability of additional credit scoring models could increase competition within the credit reporting industry while potentially improving accuracy and reducing costs. NAR will also continue to monitor the mortgage market and the experiences of lenders and consumers as these models are implemented to help ensure they are working as intended. This includes evaluating how the models affect access to credit, accuracy and consistency in mortgage underwriting and the broader homeownership market.  For more information, visit fhfa.gov/policy/credit-scores.

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