You may be thinking if now is a good time to sell your Santa Monica home. Maybe you should wait until after the election or the holidays. Prices are rising, so maybe you want to wait until prices go up even further. There has to be the perfect time to put your home on the market, right?
Well, if you have equity in your home, now is a great time to sell your Santa Monica home. Why?
- Prices are up.
- Inventory is extremely low.
- Mortgage rates are at record lows.
- Buyers are out there
How does that affect you?
With inventory this low you have little competition. There are so many qualified buyers looking for so few properties, if you price your home well, you are going to receive multiple offers and will sell quickly.
But you want to wait until prices rise more. Understandable. This is a Catch 22 situation. Prices are not going to rise if no one is selling, and if everyone jumps into the market together you are going to have more competition. At that point mortgage rates could have risen and there will be less buyers, not to mention that, if you are looking to buy another property, you will be paying more for it. And the common wisdom is it will take another 10 years before you see prices like 2006.
So, if you are thinking of selling your Santa Monica home, there is no time like the present.