3 Reasons Why Now is a Great Time to Sell Your Home
The United States housing market is worth approximately $33 trillion. At the beginning of 2020, many real estate analysts were predicting a record-breaking year for the housing market. However, the COVID-19 health crisis has definitely put these predictions in jeopardy. However, this global pandemic should not deter you if you are in the market to sell your home.
The home seller’s market is hotter than ever, which is why now is the time to take action. With the help of a knowledgeable real estate agent, making a profit from selling your home is possible. Here are some reasons why now is a great time to sell your existing home.
1. The Number of Homes for Sale is Very Low
While there are a number of people looking to buy homes in the United States, the number of properties for sale is actually low. In fact, the housing inventory in the United States is roughly 27% lower than it was this time last year. The average homeowner spends roughly 13 years in their existing property before deciding to move on.
If there are a limited number of high-quality homes for sale in your area, taking advantage of this fact can be profitable. Rather than staying put in a home, you are not completely happy in, now is the time to think about selling. Before you put your home on the market, take some time to assess how much similar homes are going for. Setting a competitive price right out of the gate can help you sell your home in a hurry.
2. Low-Interest Rates Are Great News for Home Sellers
Trying to sell a home at times of economic uncertainty is usually difficult. In most cases, the uncertain times lead to the Federal Reserve raising interest rates. Current interest rates are actually at an all-time low. The average 30-year fixed-rate mortgage now has an interest rate of around 3 percent. The lower mortgage interest rates are, the more people there are trying to get one.
Taking advantage of the low mortgage rates can help you sell your home quickly and move onto the next chapter in your life. These low mortgage rates can also benefit you if you plan on buying a new home with the profit from the sale of your existing residence.
3. The Changing Needs of Home Buyers
Another reason why now is a great time to sell your home is that the needs of home buyers are changing. Most people are now working from home, which means they have more time to think about the available space they have. Many people are realizing that their existing residence just doesn’t meet their needs anymore. This realization has led to many people entering the market in search of a new and more spacious residence.
Make a Move Today!
If you are unsure about how to sell your existing home, contact Hero Homes Group for help.