Spring is in the air and that also means it’s time for buyers and sellers to come out and play! CEO of house buyers of America, Nick Ron predicts 2019 to be the best year to put your home on the market, especially in the next upcoming spring/summer months.
Here are four reasons why you should sell your house in 2019:
New buyers are still entering the market:
As interest rates rise the housing inventory is at a lower end but buyers who are ready to make a purchase will stop shop for homes. The biggest wave of buyers this year will be among millennials that are most likely first time home buyers. In a Harris Poll survey of 2,000 U.S adults commissioned by real estate information company Trulia more than one-fifth of Americans between the ages of 18-34 said they plan to buy a home with the next 12 months and as of 2018 millennials make up the largest share of home buyers a 36 percent. When speaking about the Metro Detroit market in specific, it is still a sellers market and a price and beauty war. This means if you are over priced you will sit on the market or must reduce price to a lower value. So taking advantage of the market right now is what’s best for sellers.
Inters rates are still low:
As of February 2019, interest rates are down 4.35 percent according to the mortgage loan company and they will remain much lower than the historic high of more than 18 percent in 1981. If you’re trying to get the lowest interest rate possible on your next house, try to make a deal sooner rather than later.
You have high Equity:
The higher your equity in your home, the more you net from the sale, which can go towards the down payment on your next house. The larger your down payment, the better you look to lenders and the lower your interest rate will be, and the less likely you’ll need to increase monthly payments with private mortgage insurance.
Selling now in 2019 vs. 2020:
The sooner option is always the best one. In a survey of 100 U.S real estate experts and economists by real estate information company Zillow, released in May, almost half expect the next recession to occur in 2021. Real estate markets tend to operate on a cycle of their own, the length of which varies by market.
Looking forward to spring and summer with the up rise of this sellers market and market recovery that will boost quickly then it has past seen in the last 1-2 years. If you are planning on selling your home in 2019, make sure you give us a call at The Gargaro Group and we will evaluate the opportunities in your market!