Is 2021 a Good Time To Sell Your House?
The last couple of years have seen a significant increase in buyers' demand due to low mortgage rates. Low rates and a decreasing number of homes in the market have caused prices to go up. So all in all, 2020 really benefited the seller's market, despite the slow start. If you want to find out why 2021 will be a great year for real estate, continue reading.
Is it a Good Time to Sell Your House?
Finding the right time to sell your house can be tricky. Similar to finding the right time to buy and sell stocks on the stock market. There are a lot of unpredictable events (like Covid-19) that can have tremendous effects on the market.
Is Property Selling At the Moment?
According to experts, the outlook of the 2021 housing market will be a blast! With steadying mortgage rates, post-pandemic rebound, and job recoveries there is going to be a big boost in home prices and sales.
So good news! Right now sounds like a great time to sell your home.
When Is the Best Time to Sell Property
According to some real estate experts, the best time of the year to sell a property is in the month of May. However sometimes statistics can be misleading, I would worry if that month doesn't suit your schedule.
As the current year progresses, the housing inventory may open up substantially as there is a quick rollout of the COVID-19 vaccine.
Also, mortgage rates are still historically low (for now), as such buyer demand should remain high throughout 2021.
Selling a House in Poor Condition
This current housing market condition is ideal for buying a house in poor condition or selling your property with repairs at a higher price.
If you lack the money, time, or motivation to repair the property, or if you're just finding it hard to attract buyers consider selling it your house "as-is" to a potential investor.
Make sure you provide disclosure about all the problems or repairs the property needs to avoid any last minute complications.
Keep in mind that the short sale of your home is risky. Finding the right cash buyer and weighing out the pros and cons of using a cash buyer need to be taken into account.
My House Is Not Selling What Can I Do?
There are a multitude of reasons why your house may not be selling in this market. You can opt for the following solutions if you struggle to sell your property.
- Hire an experienced agent
- Keep waiting for the right buyers and the right offer
- Make any minor or major repairs that could increase the appeal of your house
- Sell the house as is below market value
No One Wants To Buy My House
Making a few improvements or renovating is often a good fix that can attract new potential buyers for your property.
Furthermore, you could hire a professional and experienced real estate agent to help you list your property in the market. An agent experienced in your neighborhood and the type of home your selling is always the best bet.
However for many selling your property without a realtor is the preferred method. The primary reason for this is due to the amount of time and effort it takes to sell your home, how long it takes to close, the amount of showings they have to prepare for and the high fees and commissions associated with the process.
Just make sure you get a good photographer to take some classy listing photos!
Reasons You Should Sell Your House
There are many obvious reasons you may want to sell your house, such as, relocating because of family or job commitments, a recent divorce, or perhaps an inherited property that you don't need. Whatever the reason may be, there are also several reasons why 2021 is a specifically good year to sell your house.
Interest rates are significantly low
If you're wondering why selling in 2021 will benefit you, know that the interest rates will remain steady.
Also, low-interest rates can be an excellent option to save money for potential buyers because they can make mortgages more affordable.
This makes your position as the seller rather favorable.
You'll Perhaps Command a High Price for Your House
2021 has started off where we left off in 2020 with historically low mortgage rates, and that has significantly boosted house buyer demand.
With the recent shortage of housing inventory sellers have that extra edge in when it comes to negotiating a sale price and getting the best deal.
You're an Occupant of a Hot Real Estate Market
There is no denying that people love a hot and temperate climate, especially after the brutal year we’ve just had.
People looking to purchase properties in hot areas will often have to face skyrocketing prices.
If you’re an occupant of a desirable location with good weather, right now might be a great time to consider selling your home.
Reasons you Shouldn't Sell Your Home
Just like there are many reasons to sell your home, there are also reasons as to why you shouldn't.
If you have Refinanced
You might not want to sell your home if you can comfortably afford the mortgage rate.
If you have recently refinanced your home you may be in better standing than you'll ever be with a mortgage, and this might not equate to the mortgage you’d have to pay on a new property.
If you have a forbearance plan ending soon, it is best to discuss it with your lender to see if you can work out an extension.
If Your Income Is Not Stable
Most Americans and people across the globe will have suffered financially from the pandemic. People with a lower income or unsustainable means of income may want to consider holding on to their house, so long as they can afford their mortgage.
If you have poor or low income this can create real roadblocks to acquiring a new home if you sell your house.
It is wise to talk to your lender instead of putting the house on sale. They may be able to help you refinance or help you enter a forbearance plan so that you can reduce financial strain.
Other Examples of Why You Should Sell Your Home
Here are some more examples or reasons why you should consider selling your property or how it could benefit you.
You should sell your home if you:
- Have a plan to buy another home
- Want to move to a lower-priced housing market
- Want to move to an apartment or condominium.
- Want to relocate outside the United States.
Remember that your personal circumstances and finances also play an essential role in selling your house.