As you contemplate the year ahead, one of your significant objectives may involve relocating.  However, determining the opportune moment for this move can be challenging. While spring typically marks the peak home-buying season, waiting until then isn't necessarily obligatory.  Here's why:

1. Capitalize on Lower Mortgage Rates

Last October saw 30-year fixed mortgage rates reaching a peak of 7.79%. By January, they had plummeted to their lowest point since May.  This decline means you might not feel as constrained by your current mortgage rate.  Moreover, the trend toward lower rates has rendered moving more financially viable than it was just a few months ago.  Furthermore, the current favorable rates have spurred increased buyer activity in the market.  Many who were previously waiting for rates to decrease have now entered the fray, creating heightened demand for properties. As Sam Khater, Chief Economist at Freddie Mac, notes:

"Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market."

     2. Stay Ahead of the Competition

Currently, there are more prospective buyers than available properties, placing sellers in a favorable position.  However, it's worth noting that with the recent surge in new listings, more sellers may be re-entering the market.  Listing your property now allows you to outpace your competitors and ensure your home stands out. With the guidance of a skilled agent to set the right price, your property could sell swiftly and attract multiple offers. U.S. News elaborates:

"When there is low housing inventory, sellers could get top dollar for their homes."

     3. Maximize Rising Home Prices

Experts predict that home prices will continue to ascend throughout the year.  What does this mean for you? If you're contemplating selling your current property and purchasing another, it might be prudent to consider moving sooner rather than later, before prices escalate further.  This affords you the opportunity to acquire your next home before it becomes more costly.

     4. Harness Your Equity

Present-day homeowners possess substantial equity. In fact, according to a recent report from CoreLogic, the average homeowner with a mortgage has over $300,000 in equity.  If concerns about home affordability have deterred you from selling, know that your equity can significantly facilitate your next move. It could potentially cover a substantial portion, if not all, of the down payment for your next home.

        Bottom Line

If you're contemplating selling your property and transitioning to a new one, reaching out to a local real estate agent to initiate the process now can provide you with a competitive advantage.