Should I sell my home in 2020? 2020 started off with one of the strongest housing markets we’ve seen in years with housing prices up 7% in February compared to the same time last year.
Home sellers have a few choices: They can put their house on the market amid the pandemic, or put off their plans indefinitely. The decision you make as a homeowner must be based on the unique details of your current situation.
Here are three reasons why you should sell your home in 2020, along with three reasons why you may benefit from waiting:
With mortgage rates at record lows, homeowners have been refinancing and holding onto their homes. On the other side, homebuyers have flooded the market for this same reason — to lock in a low rate.
For home sellers, this low inventory means that you are competing less with other homes on the market.
Because there are less homes on the market, you may have higher negotiating power among potential buyers.
With fewer alternatives to choose from and ever-rising competition, buyers are more willing to negotiate because they don’t want to lose out when they finally find their dream home and make an offer.
Especially with the current situation of the country amongst the pandemic, desperate buyers are more anxious than ever to get into a home, so you’re likely to speed up the closing process as well.
Home values have been on the rise for quite a while now. However, with heightened uncertainty about what’s to come in the following months as a result of the coronavirus outbreak, some are worried that housing prices could drop and another housing crisis could be on the horizon.
As a result, 83% percent of Americans think that it is a good time to sell. There’s no way to tell how the following months will pan out, but it might be a good time to put your home on the market if you are worried and want to sell for a guaranteed higher price.
If you’re one of the many homeowners who have refinanced recently, there’s no reason to consider selling your home in the immediate future. Hopefully, your refinanced mortgage has helped ease financial woes by lowering your monthly payments, which helps to keep you more securely in your home.
Even if you’re not unemployed, you may be furloughed from your job, have taken a pay cut or have been warned about layoffs on the horizon.
All of these scenarios cast uncertainty on the future of your income, and in most cases, you’ll be better off delaying the sale of your house and purchase of another until you know what the future holds
If you were looking forward to selling your home in a spring seller’s market, where buyer demand is high and likely to drive prices up, you can throw that dream out the window — at least for now.
If you don’t like the idea of settling for a price slightly lower than you may have gotten in a normal spring season, you’re better off remaining in your home and waiting until there’s data that provides you with new price expectations.
Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.
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Angela O’Hare, Realtor
Home Realty Center