The Top Reasons You Should Try To Sell Your Home Now
By Space Coast Daily // May 1, 2021
Today, selling your home is a bit more challenging than it was in the past. The COVID-19 pandemic has changed everything, including the real estate market.
While this is true, things are starting to get back to “normal,” and now may be a good time to consider selling. In fact, real estate statistics show that markets across the country are going up as people get back to the plans they had before the pandemic hit.
However, if you aren’t convinced, keep reading. Some of the top reasons to consider selling your home now can be found here.
Home Buyer Demand Has Returned
While there is always a threat of COVID-19 returning, the vaccines have made for a much more optimistic future. Because of this, lockdown restrictions have been loosened and even eliminated in some states. This has resulted in interested home buyers coming out once again – with a vengeance. Many of these people are ready to make up for all the time they lost.
Home Inventory Is Still Low
While homebuyers are getting back out, the total number of homes for sale to meet this demand is still low. In 2020, the supply of available houses was insufficient to meet demand. Now, the supply is still not enough for the number of buyers on the market.
Some of the reasons for this shortage don’t relate to COVID-19 directly. The total number of homes available for sale is considered to be at a “generational low.” This is because many people are staying in their homes longer than they did in the past. In fact, it is estimated that Americans are spending 13 years in their homes before choosing to move.
This low inventory has also resulted in fewer properties that are considered distressed. This is attributed to stimulus support from the government, including unemployment benefits and mortgage forbearance.
An Increase in Home Prices
As demand for homes continues to go up and inventory remains stagnant, the conditions are ideal for sellers to receive higher prices. Some sellers will even be able to get above their asking price with the existing market conditions.
This is somewhat surprising to some home sellers because it was predicted that the housing market would fall and prices would drop because of the pandemic, but that has not happened. In fact, the cost of buying a home is increasing.
Low Mortgage Interest Rates
Another reason that so many home buyers are shopping now because of the low mortgage rates available today. These rates are continuing to fall. Because of this, it may mean that homes are costing much less – in some cases, tens of thousands of dollars less – for the lifetime of the loan. This makes it clear why mortgage applications have surged since last year.
The Economy Is Recovering
Even though the pandemic caused unemployment rates to surge, these levels are starting to stabilize and recover. This is a good sign that more people than ever before are eager and willing to make an investment and purchase a home.
If you were waiting for the right time to buy, it is clear that the economy is telling you that the time is now. You can get a lot of benefits and perks for being a home buyer now.
Are You Ready To Buy a Home?
Buying a home is a big decision. It is also a big investment. Because of this, you have to consider carefully if this purchase is a good idea. There are many reasons why now is a great time to buy, but ultimately, it has to be the right time for you. Keep this in mind, to help ensure that you get the house and property you want for a price you can afford now, and into the future.