If you’ve been on the fence about selling your home and are now watching the market cool a bit, you’re likely wondering, “Should I sell my home before prices fall even further?”
Honestly, it depends on your situation. However, we do have several things we want you to consider before you decide whether to sell your house.
Why you should wait to sell your home
As you likely know, for quite some time now houses in the Bolivar, MO and surrounding Missouri Ozarks have been flying off the market. Most have sold well above their asking price and some were even selling without the buyer even laying eyes on the house.
However, demand has cooled some of late.
This is likely due to a number of factors including:
- Rising mortgage rates
- Pessimistic home buyers
These same issues will also become your own when you become a home buyer after your place sells. You’ll need to devise a transition plan with your real estate agent. It may benefit you to begin the hunt for a new house as soon as (or even before) you list your own. In fact, here’s some advice on how to buy a house during a seller’s market, some of which will help you move faster.
In the end, just make sure you’re either making money, lowering your mortgage, or getting into a home better suited to your family’s needs.
Pros for selling your home now
All of the above said, the Bolivar housing market is still hot and very much a seller’s market. So, if it’s time for you to upgrade or downsize your home, you’re still going to sell it for a great price.
Sure, interest rates and the economy have tempered the home buyers’ frenzy. But not by much and, in fact, it’s caused many to secure a fixed mortgage now in case of another interest hike. Further, home inventory remains low and rental prices continue to increase as well. So, competition for listings is still high and could result in a bidding war for your house.
Finally, all of this adds up to a nice chunk for a down payment on your new home. Hopefully, it ends up being enough to negate the higher interest rates for your new home!
It pays to have a trustworthy real estate agent
Don’t head into this crazy housing market without an expert on your side. Find a real estate agent with extensive knowledge of your local market.
They will help you make sure you don’t go sideways — or worse, backwards — on your mortgage if you decide to sell your house and buy a new one. Better yet, they’ll help you get the best price on both transactions!
Partin Real Estate has been selling houses in Bolivar for over 30 years now and is committed to using the honest approach in every transaction and interaction with their clients.
If you’re looking to sell your home in Southwest Missouri, Partin Real Estate will help you get the most money and help you get the best price on your new house!