Amid the COVID-19 pandemic, the US housing market gained a staggering $2.5 trillion in value in 2020. It was the biggest growth in the industry in 15 years.
2021 looks set to be an even more remarkable year for the housing industry. There’s still strong demand for homes across the country, with homes flying off the market at a rate faster than seen in years.
For anyone thinking of selling a home, the time has never been more appropriate. In today’s post, we look at four of the top reasons to sell your home this year.
1. Mortgage Rates Are Low
Mortgage rates in 2020 dipped lower than they’ve been in decades. By the end of the year, these rates were historically low. While the rates have slightly increased this year, they’re still incredibly friendly and are expected to remain so throughout the year.
So, what do low mortgage rates mean for home sellers? You can expect a surge in home demand as home buyers rush to take advantage of the low rates. Thus, you can expect to be flooded with bids as soon as you put your home on the market, which means selling your home within a short time.
2. Home Values Are Higher
Thanks to the skyrocketing demand for houses, you can expect to sell your home for much more than you’d have done last year. In fact, the median listing price of houses in the US has gone up by over $31,000 since the year started.
For those looking for a handsome profit from their home sale, now’s the ideal time to take action.
3. Inventory Is Low
Housing inventory has hardly ever been as low as it is currently. That means that even if you want to sell your property as is, it should still attract scores of interested buyers within no time. The obvious advantage is that you won’t need to wait months to receive the right offer for your home.
4. There’ll Be More Housing Options in the Future
Demand for homes may be incredibly high at the moment, but don’t expect the same situation to continue in the coming months. As more homeowners catch on and put their homes on the market, inventory will increase, and demand will drop. Consequently, home prices will drop.
As the market flips in the buyer’s favor, it helps you’ll be able to purchase your next home at a more affordable price. However, you want to sell your current home right now if you want to attract a larger return on investment and sell quickly.
If you make the right moves, you can earn a significant profit on your home sale, spend less money on your next move, and score a friendly interest rate on your mortgage.
Sell Your Home Today and Reap the Benefits
With the current red-hot housing market, it’s without a doubt the best time for you to sell your home. As buyers scramble to snatch up the few houses available, you can expect a great offer for your home. In addition, you get to sell your home much faster than is possible in a buyer’s market.
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