You might be wondering if this is a good time to sell your house. Or maybe you’re wondering if you should wait until 2021 to sell your house. Either way, I think you might be surprised to hear that the answer is yes.
If you’re thinking about selling your house soon, whether in 2020 or early 2021, the cards may be stacked in your favor. According to a recent home sales predictor report, the success of the housing market in the 3rd quarter is predicted to reflect the same momentum in the 4th quarter and early 2021. The prediction is supported by the following:
- Projected low mortgage rates in early 2021
- High demand for homes
- Low housing inventory
- Renters becoming homeowners
- Large number of Millennials and Generation Z entering the housing market
If you’ve been following the housing market, you know that housing inventory is low which is in your favor as a seller. When there is high demand but a low number of houses for sale, you have the advantage of more buyer interest. In addition, you might be able to price your house somewhat higher than expected.
If you’re able to price your home higher, you may find yourself in a position where you can get more equity out of your home. According to the National Association of Realtors® (NAR), “... the median dollar amount that sellers have gained since the pandemic is $80,000 in equity compared to $64,000 prior to the pandemic.” That’s a difference of $16,000 which could go toward the down payment on your next home.
- Multigenerational homes
- More outdoor space
- Move closer to family
According to NAR, multigenerational homes have been popular with buyers. The desire for a large home where family members can gather and an elderly parent can be looked after is on the rise. If your home can accommodate multiple extended family members, it’s likely to gain a lot of attention from buyers.
If you live in the suburbs or a rural area, your home may stand out in today’s housing market. More and more people are looking for homes spaced further apart and with ample outdoor space. Working from home also plays an important role in these suburban living choices. With less travel to and from home each day, it makes sense for buyers to purchase homes further from the bustling city.
Other trends among home buyers include wanting to move closer to family, moving from renting to owning (45% of buyers), and limiting the number of homes they visit before making a purchase (due to the pandemic).
So if you want to sell your home so you can upsize, move closer to family, get away from the city or find a home where you can have multiple generations under one roof, now might be the best time to put your house up for sale. Real estate agents are meeting with sellers like yourself, virtually or in person, despite the prolonged pandemic. Thanks to their professional connections, agents are finding the best ways to get your house appraised and on the market quickly. Once your home is on the market, you may see multiple offers within a few days due to low inventory and buyer demand. Consider selling your home this year or early 2021 while mortgage rates are low and buyer demand is high.