With election season approaching and a shifting real estate market in El Paso, Texas, homeowners are wondering if now’s the right time to sell. Election years often bring uncertainty for sellers. While many prefer to wait and see what happens with the market, those who act now could find themselves in a stronger position due to favorable conditions like low inventory and high demand.
With fewer homes listed due to seller hesitation, buyers have fewer options, often resulting in multiple offers and competitive bids. So, if you’re looking to get the best price for your home, selling during low inventory could lead to a higher sale price than if you wait for a wave of new listings in early 2025.
The average sale price has risen by 4.11% year-to-date. This could mean an extra $10,275 for you, assuming an average home price of $250,000 in El Paso, Texas. Now let’s ask the real question: How do you expect to get top dollar if you wait until the market is flooded with listings?
If you decide to hold off until rates potentially drop, you may face increased competition. Imagine having four other neighbors listing their homes at the same time. This will reduce the chances of getting the highest offer. Curious about what your El Paso home could sell for in this current market?
Waiting until after the election or early 2025 could mean facing a wave of new listings and higher competition. With the potential for rates to decrease next year, many homeowners are likely to list their properties, leading to higher inventory and less demand per listing. Consider this: **Would you rather have more control over the price now, or compete with numerous sellers later?
For those hesitant due to current interest rates, remember that you can always refinance down the line. By selling now, you’re not only capitalizing on El Paso’s favorable seller’s market but also positioning yourself to potentially buy a home at today’s prices and refinance when rates decrease. This strategy allows you to take advantage of current market demand without being locked into today’s higher rates.
Election years bring a lot of unknowns, but one thing is clear: low inventory, rising prices, and competitive buyer interest create a golden opportunity for sellers in the El Paso real estate market.
Don’t wait until the market is crowded with new listings post-election.
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