If you had thought of moving to a new place or upgrading to a larger home, then 2020 should be the year.
Perhaps, the children have left home, and you want to move into a smaller house, or you’re ready for a new perspective. All you need is to start preparing the home for sale and yourself for the change.
Here are some of the best reasons that you SHOULD sell your home in 2020:
The housing market is going to be healthy this year
In 2020, the real estate environment is likely to be quite healthy, with prices increasing at a moderate rate.
Housing supply is predicted to be steady, unlike previous years, with more homeowners prepared to buy. The new balance between supply and demand makes sense in selling your current home and even investing in a new one.
Favorable economic environment
If you have tried to sell your home during a recession, such as in the 2007 to 2009 slump, you know how challenging it is to secure a decent return. You might be forced to sell it at a lower price to get it off the market.
Professional forecasters are predicting a 66 percent chance of a recession in the second half of 2021. 2020 remains clear by the books, though, with a favorable economic environment prevailing this year. It is better to sell your home now than wait for an unpredictable future, so if you are considering selling, why not prepare to do so in 2020?
Millennials are looking to buy their first homes
The largest percentage of homebuyers in the market today are Gen Zs. The group is also buying amid low numbers, so as long as your home is affordable for these new buyers, you will sell it fast.
This should be the case if your home is entry-level or mid-level, but high-end homes are also still attracting a few buyers in a different niche.
If you bought your current property post-recession and have been in it for several years, the chances are high that you have built your equity. With consistent mortgage payments over the years, financiers will be fighting to have you.
High equity makes you attractive to both home sellers and lenders, so securing a new home in this climate should be easier. You will be able to make a profit off your current property to pay the deposit for your next house (and take care of other expenses). If you are moving into a smaller property, you will have plenty of money to add to your savings.
Low interest rates
Federal reserve rates interest rates have not changed since December. It is likely to remain steady for the rest of 2020. Mortgage rates will remain significantly stable between 3.72% and 3.8%.
It is a fair, attractive rate for financing first homes, so it will be an incentive for more people to buy in 2020. It is also the best time for you to sell your old home and buy a new one if you need to borrow toward it.
Homeowners dread the entire process of buying and selling homes because it can be tedious. If you are considering selling your home this year, Team Couch are experts in the process and can find you a reliable buyer quickly. Give us a call.