It almost goes without saying that the events of 2020 were not on anyone’s radar at the beginning of the year. This is just a reminder that life will always have its curveballs and no one can predict the future. As we enter into 2021, many are hopeful that a flip of the calendar page will provide a new lease on life. The beginning of the year always offers a great opportunity to reflect and renew.
When it comes to real estate and mortgages, 2021 looks to be another intriguing year, particularly if you are looking to move. While the overall economy continues to grow, no one can deny the toll that pandemics, politics and more has taken on all of us. The spectre of a recession even looms on the horizon. With that said, every dark cloud ultimately has a silver lining if you look hard enough, and the pandemic has truly changed the mortgage game.
Here are three reasons why 2021 may be the perfect time to sell your home:
- Low mortgage rates. Mortgage rates continue to remain at or very near historic lows. Many prognosticators expect the low mortgage rates to stick with us for the foreseeable future. This is good news for both home buyers and particularly home sellers, because it places more buyers in the market with more cash to spend.
- Low housing inventory. What helps make 2021 start out as a sellers’ market is that inventory on the market is low, with certain areas seeing fewer homes listed than has been seen in quite some time. This raises the chance of a better offer and higher final sales price for your home.
- If you need to move, the two previously mentioned factors make it a great time to change. While the coronavirus has restricted and will continue to restrict commerce, a number of folks have seen their situations evolve whether it be working from home or seeing a shift in your job to another location. If you no longer need to be quite so close to
where you are now, moving to a different location may help you lower costs, purchase a larger home, or even downsize if the time is right.
With that said, each situation is unique. Our experience at REALTEAM is that there are a few things you can ponder in a situation like this if you feel it may be time to put your home on the market. Ask yourself the following four questions to see if you are ready to sell your home:
- How will the proceeds from my home affect my budget? Home values are up right now, and an increased value in a seller’s market can yield a higher sales price for your home than you realize. This money, coupled with lower mortgage rates, can present a situation where you get more house for the same or less money in your monthly mortgage payment. The extra money gained from the sale of your existing home can be invested or applied towards your next home purchase. It may also give you the flexibility to live in a more desirable area or purchase a home on a larger lot.
- Is it the correct financial time to sell? Uncertainty can be a little high right now when it comes to some sectors and details. It is important to consider factors like the time of the year and status of your local market, but you also need to consider your own financial position. If you are now working from home with a stable income, it may make a lot of sense to move now that the onerous commute is gone. Do you have any other anticipated changes or factors to consider in your move?
- What do I want in a real estate agent? There are both new and traditional ways to sell your home, so choosing just any real estate agent may not quite appear the slam dunk it once was. The combined experience of a team like REALTEAM provides the knowledge,
experience and exposure to market your home in ways that might not otherwise be available to you. REALTEAM helped 977 families in 2020 so experience is evident. Agents can help make the process easier and quicker, and their knowledge of how to market a home can be applied to your specific home to influence a much higher sales price than you might otherwise have imagined.
- What can I do to prepare my home for resale? It’s now likely time to tackle those simple home repairs that you may have postponed. It also wouldn’t hurt to clean things up a little and get your house ready to be shown. All of these steps can be taken either with the advice of one of our agents or undertaken prior to working with us, but it doesn’t hurt to get started early with the small things.
2021 will be a year like no other in real estate. If you are thinking about putting your home on the market, then REALTEAM is ready to help you with real experience that will streamline your home selling process. Our agents work with you in your situation to get top dollar for your home.
Talk to us today to get started placing your home for sale.
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With the help of the RealTeam I recently purchased a home, though I worked directly with one of the team members the rest of back in the office were helping me behind the scene. They're very helpful during the entire process from the home search period, making appointments to get into homes, all way through to the day of closing. I was extremely impressed with the team and would highly recommend them.