If you are thinking about selling your home, 2021 might be one of the best times to consider it. Current housing market trends and conditions are heavily tilted towards sellers over buyers right now. Low mortgage rates and limited inventory have significantly boosted the demand among buyers and given sellers the upper hand.
Covid-19 has impacted how people use their homes and where they want to live. This, along with historically low rates, has pushed thousands of interested buyers onto the market. This has led many homeowners to consider selling while others wonder if they should wait for prices to increase more. If you know anything about real estate, however, you know that the market can be fickle. While prices could continue to rise, that could cool the housing market over the coming months. Additionally, if there is any change to mortgage rates, it could have a big impact on the market in 2022. Let’s take a look at why 2021 might be the best time to sell your house.
Take advantage of rates.
While rates are at historic lows right now, there is no guarantee that they will stay that way. Many realtors and financial experts agree that now is the best time to take advantage of lower mortgage rates and jump in on the market. As rates begin to go up, we will begin to see a turn in the buyer demand. With real estate, things can turn on a dime, and the market will suddenly cool. In February, for example, interest rates went from 2.96 percent to 2.98 percent. Following this shift, mortgage applications fell by 5.1 percent. We could be in for a much cooler winter real estate market if this indicates the climate as the country recovers from the pandemic.
Additionally, interest rates throughout the financial market have been modified to combat the Covid-19 pandemic. As a result, many people see the current real estate market as a way to get out of debt. With the proceeds from the sale of your home, you could seek debt relief and take advantage of interest rates. As the pandemic has taken an economic toll on families, many are now seeking debt consolidation, repayment plans, and creditor relief. With home prices so high right now and interest rates low, it might be a good time to speak to a financial advisor about debt settlement and real estate.
Consult a realtor.
The best way to determine if you should sell your home right now is to investigate it. Whether you need money for debt relief or just want to move to a new home, you’ll want to know how much your home is worth. If the price is right, the market is prime for selling. Consult with an experienced real estate agent with the market knowledge and insights into the real estate transactions in your area. They will look at the analytics and other information and tell you the amount of money that you can expect for your home.
Depending on where you live, you can search for “real estate agents in Oakland, CA” for example, to find a great realtor in your area. If you decide that this is the right time to sell, your real estate agent will help you with the listing, selling, and buying process. The best real estate agent will hold open houses and promote your home to quickly move it off the market.
According to several industry analysts, we might very well be in the peak season for selling a home. If you want to sell your home faster and, possibly for a higher price, now is the time to do it.