The housing market may not be quite as hot as it has been in previous years, but if you are thinking about selling your home anytime in the near future, now is the time! While 2019 isn’t predicted to be a record-breaking year for home prices, it might still be the best time for you to put your house on the market. Waiting until 2020 might be a mistake.
If you purchased your home as recently as the past year or two, waiting another five years or so before selling makes sense. But if you have been in your house for a while, or you must move for some reason, consider putting it on the market now rather than waiting until next year. Here are four reasons to sell your house in 2019:
NEW BUYERS ARE STILL ENTERING THE MARKET
When interest rates rise, there will be fewer buyers willing to make offers on homes and apply for mortgages. And if your house is luxury home in a higher price range, you can expect even less buyer interest as mortgage rates rise. However, with housing inventory still low, there are still buyers out there waiting to buy now; before interest rates get even higher. Many first-time homebuyers are millennials who are ready to become homeowners. If you list your house now, it may sit on the market a bit longer than it would have in 2017 when the market was hot, but there are buyers out there and you can still sell your home for a nice profit.
INTEREST RATES ARE STILL RELATIVELY LOW
Mortgage interest rates have fluctuated a bit over the past few months. They were at their highest level of the past seven years in November 2018 at 4.94%, per Freddie Mac. But by February 2019 they were down slightly to 4.35%. Interest rates may climb gradually over the next year, but they will still be MUCH lower than the historic high of more than 18 % in 1981. July 2019 Mortgage Rates Forecast (FHA, USDA, Conventional)
If you bought your home during the recession or shortly thereafter, you benefitted from historically low interest rates. In addition, if you bought before 2015, it’s likely you were able to purchase a home at a low price due to the market still being in recovery. Therefore, you probably had a lot of equity in your home and stand to make a nice profit if you sell. Your profit can go toward the down payment on a new house. With a large down payment, your interest rate will be lower and you can “move up” without having a higher mortgage payment.
2019 vs. 2020
The sooner the better is what experts are saying. Per a Zillow survey, of 100 U.S. real estate experts and economists asked, almost half said they expect the next recession to occur in 2020. 14% believe that the recession won’t happen until 2021, and 24% think it might happen even sooner; sometime in 2019. If you plan to sell soon anyway, why take a chance? Put your house on the market now and take advantage of buyer interest and low interest rates! 2020 Vision: Experts Say Next Recession Looms at Decade’s End
Are you ready to SELL your home? Call the TAMPA BAY real estate professionals, Linda & Craig Nowicke at Tampa Realty Now with RE/MAX ACR ELITE and let them assist you in getting your home STAGED, PHOTOGRAPHED and SOLD for the highest possible price! CALL THEM TODAY at 813-728-3880 or 813-675-5030.