As the saying goes, March comes in like a lion and goes out like a lamb. In many ways, that applies to the real estate market this month as the busy season officially gets underway.
This March there are many positives on your side. There’s a strong US economy that has driven the unemployment rate to record low levels, boosting disposable income, which makes for a lion’s marketplace. Couple that with low mortgage rates and housing shortages, and the lion is roaring.
If you’re on the fence about selling this year or next, it may be better to sell in an environment that’s more predictable, rather than wait for time to pass and circumstances to change.
Here are four reasons to sell your house in 2020:
- New buyers are still entering the market.
- Interest rates are expected to remain low.
- You have high equity.
- There’s no telling what 2021 holds.
However, if your house is at the higher end of the price range in your market, you should expect less buyer interest than in previous years. If your home is considered in the entry-level or midlevel price range for your city, however, expect to have interested buyers eager to move quickly.
Low-interest rates aren’t just a helpful nudge for would-be buyers to consider your home for purchase. As you look to your next home purchase, you can likely secure a low-interest rate as well.
If you’ve been in your home for more than a couple years, you’ve been building equity as the property value increases and you make consistent mortgage payments. The more equity you have in your home, the more profit you’ll likely see when you sell the property. That, in turn, can be used for a larger down payment on your next house, other expenses or savings.
Whether you’re hoping to step up into a larger home or a more desirable neighborhood, significant equity in your current home can only help, making you a more desirable prospect to both mortgage lenders and home sellers considering offers.
But you’ll likely need to sell your current home before closing on a new one, and Affinity Real Properties Group will help you. The best time to act is now – before the lion turns into a lamb.