DOTHAN, Ala. (WDHN) — If you’re on the fence about selling your home, now may be the time to do so.
Real estate agents are encouraging people to sell their home now thanks to historically low interest rates.
“My advice is do not wait,” said Jenni Phelps, an agent at Property Champions Realty.
According to Phelps, low interest rates lead to a dramatic increase in demand. Because of the increase in demand, your house might be worth a lot more than you think it is.
The median home price saw a 14.1 percent increase over last year, according to the National Association of Realtors.
In addition, the Federal Reserve lowers interest rates during times of uncertainty so part of the reason for the hot market can be attributed to the COVID-19 pandemic.
Also, Phelps says as people were spending more time in their homes, they recognized needs in their current houses that were not being met.
“They are looking online more thinking of what’s their next option as far as wanting to build their ideal home or just getting upgrades ready to list their home,” said Phelps.
She says move in ready, reasonably priced homes are selling faster than ever before.
So if you’re on the fence about selling your home you may want to go ahead and go for it.