YES: It's Still a Good Time to Buy or Sell!
Experts are predicting a year of increased demand and rising home prices. Buyers are still eager to move, but the lower supply of homes on the United States market is contributing to increasing home prices. According to a 2020 National Association of Realtors study, homes sold for an average of $66,000 more than the purchase price.
In 2021 the interest rates are expected to remain low. Low rates are favorable for an affordable mortgage. There are not enough properties on the market compared to the number of shopping buyers. As a result, it remains a seller's market that benefits homeowners who are choosing to sell. If you are debating, "Should I sell now or wait?" Here are some important factors that could contribute to your decision.
The lack of available homes on the market creates opportunities for sellers to benefit from eager buyers, possible multiple purchase offers, and rising prices. The ideal time to put your house on the market can be specific to your location and influence the best time to list your home. Factors outside of your control include local job growth, mortgage interest rates, tax incentives, and neighborhood inventory.
The uptick in home sales is defying typical seasonality trends. Several factors have spurred the increase. People working at home due to the pandemic have sought larger home-office spaces, often by moving to bigger houses making the option to sell your home favorable.
On the other hand, you should consider waiting to sell your home if you have not built up enough equity in your home and you owe more than your home is worth. Next, consider the condition of your home. Is it attractive to homebuyers? For example, does it require many repairs, or are renovations required that may exceed your budget and cause you to be at a loss instead of again? Finally, research the market trends in your neighborhood to ensure that they are beneficial and support your long-term financial goals.
Deciding whether to sell now or wait is a big decision. There is a lot of emotion tied to your home with the time and sentiment based on how long you have lived there and the connections that have been made. Remember to set your emotions aside and make a wise decision whether it's time to stay or move, depending on what is best for your financial situation.