It’s October – Is it still a good time to sell?
The question on many homeowners’ minds this time of year: It’s October … Is it still a good time to sell, or should I wait for next year? With Rhode Island’s current competitive market, this decision can feel like a puzzle. Some agents would say, “what are you waiting for,” but it’s a little more complicated than that.
Home Prices: Still on the Rise!
Rhode Island’s home prices have been climbing steadily, with some areas boasting double-digit growth. Experts have forecasted a 4.5% increase in 2024, and another 5% in 2025. So, waiting might mean a higher payday, but remember — more homes are likely to hit the market in 2025. With increased competition, the upswing in pricing could slow, or stall.
Interest Rates: The Wild Card
Interest rates can make or break buyer enthusiasm. Right now, they’re higher than the rock-bottom rates of the last few years. But here’s the kicker — some experts predict rates could dip below 5% by mid-2025. If that happens, we might see a flood of eager buyers, driving up prices. But that’s a gamble, and waiting too long could mean missing out on today’s active market.
Inventory: A Game of Supply and Demand
Rhode Island’s inventory is tight, which is pushing prices up. But with more homes expected to hit the market next year, you could face stiffer competition. If you decide to hold off on selling, you’ll likely need to price your home strategically or offer some perks to stand out from the crowd.
Local Market: Rhode Island’s Hot Pockets
Every neighborhood in Rhode Island has its own flavor. Places like Aquidneck Island are sizzling, with homes flying off the market — many still above asking price. If you’re in a high-demand areas, selling now could mean locking in a sweet deal. On the flip side, if your neighborhood’s market has cooled, waiting for better conditions in 2025 might be worth considering.
Not Quite Ready to Move? Tap Into Your Equity
If you’re not ready to pack up and move just yet but want to take advantage of your home’s rising value, a cash-out refinance could be a great option. This lets you access your home’s equity without selling, giving you extra cash for upgrades or other financial needs.
Wondering What Your Home is Worth?
If you’re on the fence about selling and want to know your home’s current value, I offer a no-obligation home value estimate. Click the QR code for a quick version of the home value, or call me for the most accurate, high-level estimate.
Whether you sell now or hold out until 2025, the key is making sure your home is market-ready and priced right – overpricing right now will leave you sitting on the market. As we head into late November, serious buyers will be out there, but many buyers will have their eyes on the holidays. So, if your home is ready to go, now is a good time to stand out.
Engle & Volkers is a luxury real estate brand connecting clients around the world with the homes of their dreams.
