Mortgage rates are on their way back up.
U.S. household net worth just hit an all-time high.
These are among the reasons why Zillow CEO Spencer Rascoff says it’s now time to sell your house (via Jim the Realtor).
In an appearance on CNBC this morning, Rascoff says an ongoing lack of supply — the result of people still trapped by negative equity — and steady demand will only drive rates up further in coming years,
That means it’ll be more expensive to buy a home at a given price down the road than now.
He explains:
If you have any equity in your home and you’re thinking about selling in the next couple of years,” he continued, “[it’s] probably best to sell now, even though home values are continuing to rise.
Imagine yourself buying a $300,000 home today, and in four years you may want to trade up to a $500,000 home,” he said. “That home is not just that much more expensive—but because mortgage rates are going to be higher—it’s significantly more expensive. So the trade-up market is going to be very troubled in a couple of years.
Here’s the full clip:
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