Good Reasons To Sell Your Home in 2021
Experts in the housing market believe that 2021 will be a big year with high demand for those looking to sell. With rising home prices, home sellers are looking at some prosperous possibilities.
After the initial housing marketing drop this past spring, after closed businesses and stay-at-home orders coincided, the homebuyer market hit the rebound. Now more than ever, buyers are ready to move. However, with a smaller supply of homes up for sale in a fair portion of the U.S., home prices have gone up.
This means that it is a seller’s market, benefitting any current homeowners who want to sell right now.
Here are a few reasons that you might want to consider selling your home in 2021.
Low Interest Rates
Prior to the first COVID-19 cases in the United States, real estate professionals and economists made predictions for lower interest rates throughout 2020. As of December 10th, the average interest rate for a 30-year fixed-rate mortgage was 2.71% — a record low.
While interest rates are expected to rise throughout 2021 and reach an average of 3.4% by the end of this year, they will sit fairly low compared to averages throughout recent history.
You Need to Move
It is still possible to sell your home and find a new one if you need to move. While the necessity of a move isn’t always a positive one, considering the fact that it might have to do with the loss of a job, selling your home is always a great option, especially if you are worried about your ability to pay your mortgage.
The lack of inventory can help your home sell, especially if you are in a market that is seeing homes sell fast. A home that establishes a good asking price compared to its market value, or a home that is well-priced, can sell very quickly in a market with low inventory.
You Own a Starter Home
If you live in an area where home prices are on the rise and bidding wars are a fairly common ordeal, homes that are priced low will more than likely see a ton of activity from buyers throughout 2021. These are the types of homes that are purchased by first-time homebuyers.
Of course, an “entry-level” price range can mean a lot of different things depending on the area that you live in. Typically, an entry-level home is any home that sits within the lower third of home sale prices in a particular region.
With a lack of inventory on the market right now, sellers are benefitting from rising prices, eager buyers, and the possibility of receiving multiple offers for purchase.
There are plenty of reasons that one might look to sell their home and it would be next to impossible to go into detail about every potential scenario in one blog post. However, as we can see from economists and real estate professionals, the beginning of this year is looking good for those trying to sell their homes.
If you have any questions about selling your home or you are interested in seeing what National Cash Offer can do for you, make sure to get in touch with us.