In fact, according to the same study, there's a significant demand for existing homes: “In terms of the type of home these prospective home buyers are interested in, 40% are looking to buy an existing home and 19% a newly-built home. The remaining 41% would buy either a new or existing home.” With showing activity up among buyers and more new construction coming to market, as a homeowner, you can sell your house now and move up into a new one or downsize into a home that better fits your current and ever-changing needs. 2. Mortgage Interest Rates Are Low The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have fallen since November 2018 when they reached 4.94%. In February of 2020, they hit the lowest level in three years (3.45%). In their latest forecast, Freddie Mac also notes how mortgage rates are expected to remain low, leveling out to an average of 3.8% this year. If you’re worried about losing a great rate you may already have on your current mortgage, don’t sweat it. Locking in at today’s low rate may allow you to get more for your money on your next home, whether you choose to move up or downsize. 3. Inventory Is Low, Especially at the Entry-Level Inventory is a hot topic in the market today. According to the National Association of Realtors (NAR), “ housing inventories are at the lowest levels for January since 1999. ” The good news is, as a homeowner, this shouldn’t scare you at all. New construction is starting to ramp up after years of slowing builder activity, and inventory at the upper-end is in a buyer’s market, making it a great time for you to move into a new home. A good rule of thumb is to sell something when there’s less of that item for sale and the greatest number of buyers are in the market. That’s exactly what’s happening today. Bottom Line Not all buyers are looking for a newly built home, and your house may be high on an eager buyer’s wish list. If you’re ready to take advantage of low mortgage rates and a high demand for your house, let’s get together to start the process for you and your family.
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