Top Reasons to Sell Your House This Year
Real estate prices are booming across America. Here are some reasons to sell your house and exactly how much you could get paid.
Even with everything happening right now concerning the economy, real estate professionals have said this is the best time to sell your home and here are some reasons why this is true.
Mortgage Rates Are Dropping
As at 2018, the real estate experts projected that mortgage rates will rise and prevent people from purchasing homes and it rose. However, fast forward to March 2020, the mortgage rates shockingly dropped to a new low and it has continued to drop.
According to NerdWallet, the rates on the popular 30-year fixed mortgage home loan recently fell to 3.37% which is evidence of a 38 points decline in a short period.
Meanwhile, it appears that this historical low mortgage rate is bringing more buyers to the marketplace contrary to what the real estate experts projected.
As the mortgage rates drop so will applications rise. Between the first week of June 2020 to the last week of May 2020, there was a 1.5% spike in mortgage applications as a lot of people were applying.
Competition Will Increase
As the mortgage rates continue to drop, more people will be searching for new homes. It isn’t every home seller that understands the dynamic relationship between lower mortgage rates and home purchase.
Once home sellers understand that mortgage rates are at a record low and that it’s home purchase season, there will be more houses available for sale which will make the market highly competitive.
This is why you need to leverage the current information at your disposal and make your home available for thousands of potential buyers who are looking for a change of scenery before the competition increases.
It Can be Risky to Delay Selling
Many real estate and financial experts have projected that the next recession will take place in 2021.
Zillow, one of the prominent real estate marketplace surveyed 100 respondents (real estate experts) and 14% said they had reasons to believe that there will be a recession in 2021.
Many top experts expect damages to continue as the world tries to recover from the global economic meltdown. No one can predict the future but there are many warning signs that the housing market will crash soon. If experts continue to believe that the housing market crash is imminent; it’s time for you to sell your home.
Millennials are Looking to Buy Homes
There’s a new generation of home buyers called the millennials who are getting married, settling down, starting a family and looking for where to raise their kids.
According to the 2018 Millennial Homeowner Report; it states that as at 2015, the rate at which persons between the ages of 25 – 34 own homes was just 37% which is lower than past generations.
Owning a home in America happens to be one of the core elements of the American dream and all millennials know this which is why a striking 84% of the millennials are working towards achieving the American dream.
According to a 2019 survey of 2000 respondents (millennials) conducted by Trulia (a top real estate listing website) via the Harris poll; 21% of the respondents between the ages of 18 to 34 projected that they will own a home in 2019.
In hindsight, as at 2018, only 14% of millennials had plans to own a home in 12 months. There is a huge demand for homes by millennials at the moment so if you want to sell your home, this is the right time to list it.
It’s Time to Sell
If you’re planning to sell your home, you need to take action now and take advantage of the many home buyers that are looking for a place to call home.
If you wait until the recession hits, you will lose the opportunity to sell your home because there will be fewer people looking for homes to buy.
One of the major obstacles facing homeowners is not knowing the right time to sell. Many homeowners wonder if their home will stay in the market for long or if it will be sold as soon as they list it. Presently, there are lots of opportunities for homeowners to list and get huge returns on their homes if only you can leverage the opportunities before you.
Selling Your Home Through Real Estate Agents
You don’t need to contact any real estate agent before you list or sell your home, you can list it yourself and talk to the buyers directly.
Also, even if the house requires renovations, many buyers will buy it as is so you have nothing to worry about.
According to The Balance, some buyers buy homes with cash and they usually put up signs to show how willing they are to offer cash and purchase your home as-is.
When it comes to listing and selling a house, there are a lot of things you should consider. If you know that you can’t list and sell your home by yourself, please seek the expertise of a professional real estate agent to help you list and sell your home.