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6 Benefits of Selling your Home in a HOT Market
Dated: March 23 2021
Now is a great time to sell your home! With a killer combo of low rates and low inventory, sellers can expect to remain in the driver’s seat for the foreseeable future and housing market experts are predicting a year of high demand and rising home prices. Here are the top 6 reasons you should sell your home now.
Reason #1 - Interest rates are expected to remain low.
The average interest rate recently was a record low of 2.71% for a 30-year, fixed-rate mortgage, according to Freddie Mac. Even if rates slightly rise as the years goes on, they should still remain low compared to historical averages. Experts project interest rates should still hover around 3% for some time. If interest rates stay low, buyers will be more motivated to buy your home sooner than later.
Reason #2 - Pickings are slim for buyers.
Low inventory means that for buyers, the best homes will likely be snatched up fast. For sellers however, since your home will be one of the (relatively) few listed on the market, you could be in the driver’s seat. So, enjoy possibly picking the best offer and moving at a pace that best suits your timeline.
Reason #3 - First-time buyers have options.
First-time buyers still comprise roughly 1/3 of the total homebuyers in the U.S. Ultra-low interest rates, among other factors, are fueling more first-timers to make the leap into home ownership. This group also has the tech-smarts and the tools to do all or part of their purchase online, sometimes even before seeing their new homes in person. It is now easier than ever before to feature your home in front of a large audience of potential buyers.
Reason #4 - Millennials are coming to market.
63% of millennials (now the largest U.S. population segment) plan on purchasing a home within the next year according to a recent Realtor.com survey. A large percentage of this group is reaching the prime of their careers, creating a massive influx of potential buyers seeking turnkey move-in opportunities.
Reason #5 - Urban flight is trending.
Many households have made the transition to a work-from-home environment. This, combined with rising rent costs in urban areas and a desire for more space, is producing buyers looking to leave large urban centers for home ownership opportunities in less dense areas.
Reason #6 - Home prices are still rising.
Towards the end of 2020, existing home prices grew by a whopping 15% compared to 2019, rising to a national median of over $300,000. This marks more than 100 straight months of year-over-year price gains according to the National Association of Realtors, and experts predict this trend should continue through 2021.
The buyers are there, along with the demand. To get the best offer for your home, work with an experienced real estate agent who really knows your local market. If you'd like to learn more about how your home can be sold quickly and for a healthy price, I welcome your call for a private consultation. I specialize in selling homes in your community and believe my local knowledge and expertise can expedite the timely sale of your home. If you’re thinking of selling now or in the future, feel free to contact me and I’d be happy to address any concerns you may have.
Award-winning agent including America's Top 100 Real Estate Agents from 2018 and 2019. A full-time Real Estate Agent for 17 yrs. and a certified negotiation expert. I can help you achieve your pref....