With 2020 winding down, real estate industry experts are forecasting high demand and increasing home prices in the upcoming year. Following the initial drop in market activity at the onset of the COVID-19 pandemic last spring, buying and selling trends bounced back quickly. Home buyers are still continuing their plans to relocate, but the limited supply of homes available on the market in many parts of the country is fueling increasing prices. As a result, homeowners who decide to sell now will be able to enjoy the advantages of selling a property in a seller’s market.
In case you’re still undecided about selling your home, here are several reasons why you should consider putting your home on the market in 2021.
Low interest rates are expected
Even before the first verified cases of COVID-19 in the U.S., market experts and economists expected mortgage interest rates to stay below 4% on average for the rest of 2020. The pandemic has caused even lower interest rates, which is predicted to remain until 2021.
Although the low rates will be enticing for those looking for an affordable mortgage, there aren’t enough properties available compared to active prospective buyers. Increased home prices are expected to counterbalance the low rates, which is great news for sellers.
Selling in 2021 is ideal if you need to move
In case you need to move for any reason, you likely will not run into any problems selling your home and looking for a new one.
It depends on your situation, of course, as your reason for moving may not be positive. If you lost your job, for example, you may be concerned about how you’ll be able to continue paying off your mortgage. In this case, selling your home may be a good decision.
If you’re in a market that’s currently experiencing fast home sales, the limited inventory may help you sell your home fast. According to industry experts, a well-priced home stands a good chance of selling quickly while there’s a limited inventory.
Top-dollar offers are very likely for owners of starter homes
If you live in an area where home prices are rapidly increasing and bidding wars are happening left and right, homes at entry-level prices are likely to see a surge of buyer activity in 2021.
Keep in mind however, that the price range considered “entry-level” will depend on your location – it’s usually considered the lower third of sale prices per area. With the limited supply of homes available on the market, there are more opportunities for sellers to benefit from aggressive buyers, increased prices, and the stronger possibility of getting multiple purchase offers.
Anyone planning to sell their property, even if they decide to price it slightly under the asking price, can expect to get a satisfactory sale price.
Want to sell your home fast? Work with the best real estate agent in Arizona by getting in touch with Aeris House Properties today by calling 602.671.2343, or send us an email at info(at)aerishouse(dotted)com.