Selling Your House Guide - Fall 2020

If you’ve ever wondered if it’s truly the right time to sell your house, consider doing it while homebuyer activity is high, like it is right now. It’s the basic rule of supply and demand. The best time to sell something is when demand for that item is higher than what’s available to purchase. 3. Home Prices Are Rising With a growing demand and dwindling supply, sellers can negotiate top dollar for their houses today. Yun also notes: “Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.” 4. Mortgage Interest Rates Are Low In addition, mortgage rates are not just low, they’re historically low . According to Freddie Mac, this summer rates dipped below 3% for the first time ever and have been hovering at record-low levels. Low rates are fueling the high buyer demand, and they’re also setting up the perfect scenario for homeowners to sell their houses and make a move. Today’s rates are making homes more affordable, so locking in a low rate when moving into a new home means there’s an opportunity to get more for your money when you make a purchase. People are also moving for a variety of reasons, and the recent pandemic has given homeowners ample opportunity to re-evaluate their current homes. Many are deciding they’d like more indoor space for an office or a gym, a place for their children to attend school virtually, or outdoor space for their families to safely play. Whatever is on your list, now may be the time to capitalize on low mortgage rates to make it happen. 5. Homeowner Equity Is High One of the reasons the housing market crashed in the last recession was because homeowners owed more on their mortgages than their homes were worth, and many of them simply walked away. Today, that’s far from the case. According to CoreLogic, homeowners have an average of $177,000 in equity today. Leveraging that equity to make a move while mortgage rates are so low may be the golden opportunity you’ve been waiting for when it comes to your long-term homeownership goals. Bottom Line While our nation has seen ample hardships in 2020, the housing market is a sector that’s making one of the most significant recoveries from this crisis. With strength in the market clearly in favor of sellers, if you’re ready to take advantage of this unique moment, it’s an excellent time to sell your house and move into the home of your dreams.

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