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Is It a Good Time To Sell Your Home? Exploring the Impact of Rising Interest Rates

Here’s what you need to know about selling right now in Metro Detroit.

I’ve been receiving this question a lot recently: “Is it a good time to sell my home with the current rise in interest rates?” The short answer is yes, but let’s delve deeper into the reasons why.

First and foremost, in Metro Detroit, there are currently way more buyers than there are sellers. What does this mean for you? There are eager buyers with financial resources, but unfortunately, there is a shortage of available homes. This situation has the potential to create a bidding war for your home, possibly resulting in an offer that exceeds your initial asking price. 

Secondly, there are numerous individuals who have already been pre-approved for a mortgage. They have secured their interest rates or even lowered them, and they are eagerly awaiting the perfect home to purchase. However, it’s important to note that these pre-approvals have an expiration date, typically valid for around 90 days. Therefore, taking advantage of this window of opportunity is crucial, as it allows you to attract buyers who have secured lower interest rates or favorable terms.

“This window of opportunity won’t last forever.”

The third reason to consider selling now is that it’s summertime. You’ve probably attended a few graduation parties and noticed the vibrant atmosphere. With schools on break and pleasant weather, people are actively on the move. This season tends to attract a larger pool of potential buyers, which ultimately works in your favor. After all, the principles of supply and demand come into play, and selling during a time of high demand can yield favorable results.

I am very eager to assist you in achieving your real estate goals. Whether it’s the optimal time to sell your home or any other aspect of the process, I’m here to guide you. Just call or email us with any questions. We look forward to hearing from you!

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