26 Oct Why Now is a Good Time to Sell Your Home
Knowing when to sell your home is never easy. Unless you have reasons to sell, such as a growing family, relocating for a new job, downsizing, divorce, etc. you might feel uncertain if selling is right. If you’ve been sitting on the fence trying to decide, there are many reasons now is a good time to sell.
Low Interest Rates
Low interest rates make it easier for you to invest in your next home. Your monthly payments will be more affordable, and buyers will be looking to take advantage of that as well. The average mortgage rates are near historic lows, making it an attractive time to have a new mortgage. In fact, it can even make it possible for you to afford a home in a more desirable area, or with more perks.
According to Freddie Mac, average interest rates are just 3.07% for a 30-year fixed-rate mortgage. That opens up more opportunities than ever for both first-time buyers and sellers.
You’re Living in Your Starter Home
Because interest rates are low, more first-time buyers will be looking for their starter home. If you happen to be living in your starter home, this makes it a good time to move. You’ll have less competition finding your own next-level home, while having a group of anxious buyers looking to get in on the market.
Inventory is Down, Prices are Up
This is what’s called a seller’s market. When inventory is low, prices tend to rise because available houses are in demand. Any realtor or real estate lawyer will tell you this is always the best time to sell. In a seller’s market, your home has more value and can sell faster.
Buyers are Back
Buyers are stepping up again, anxious to find their dream home. As early as May this year, we saw sales increase by a whopping 44%. Month over month improvements like this haven’t been seen since 2001. You’re certain to find a buyer in this market.
Suburbs are More Popular
As people’s work habits have changed, so too has demand for homes in the suburbs. If you are holding on to a desirable property outside of a major city, you’ll likely find greater demand at higher prices. People have more work flexibility today, allowing them more freedom to target communities where they want to live. Smaller towns are also becoming a popular choice as people look for homes in areas that are not as densely populated.
There is also hope the economic recovery continues. As consumer confidence increases, so will spending, which tends to help home-buyers feel safer. As 2020 winds down, it’s the perfect time to take advantage of this seller’s market we’re seeing now.