On the surface, you’d think that it would be a terrible time to buy or sell a home. The COVID-19 pandemic caused millions of people to become displaced from their jobs while it disrupted the U.S. economy. At the same time, however, the U.S. housing market has been incredibly resilient and has emerged from this crisis stronger than ever. Boosted by rising prices, high demand, and low mortgage rates, many people continue to look to both buy and sell property.
6 Reasons to Sell Your Home Now
Now that the economy is starting to recover, many homeowners are wondering if now is still a good time to sell their homes. It certainly is provided you have a plan for trading up (or down) to your next home. Here are a few reasons why this is an excellent year to list your home for sale:
1. High Demand for Homes
Buyers are currently turning out in droves searching for homes. Buyer showings of residential properties are up 51.5%, according to ShowingTime. When your home is priced and positioned properly in this market, you can expect it to get plenty of attention.
2. A Continued Shortage of Homes
This nation’s housing inventory reached an all-time low of a 2.3 month supply last fall. Typically, the housing market has up to a five-month supply of homes. The current situation gives sellers a distinct advantage. With the high demand, sellers are in the driver’s seat as they weigh multiple offers on their homes.
3. Low Interest Rates
Mortgage interest rates aren’t quite what they were a year ago, but they are still low enough to prompt buyers into action. Last year, rates hit an almost 40-year low. Rates are expected to remain quite low throughout 2021, which continues to fuel buyer demand.
4. Leverage Available for Sellers
When more people are shopping for homes than there are homes available, this is one of the best positions you can be in as a seller. The National Association of Realtors (NAR) reports that there is currently an average of 3.7 offers per home and more bidding wars. As a seller, you can use the current market conditions to get the best possible price and contract terms.
5. Excellent Way to Use Home Equity
In the United States, home prices have risen 8.4% over the past year alone. And experts forecast more positive movement for 2021. This increase in home value also boosts the equity that you have as a homeowner, which you can use towards purchasing your next dream home.
6. More Options in the Future
In the coming months, more people are going to see how beneficial it is to sell their homes. This will reduce demand and increase supply. But, if you’ve already sold your home and are looking to trade up, you could be in the perfect position to get a good deal on your next home.
Ready to Sell Your Home in South Carolina?
If you are thinking about selling your home in the Lexington, SC area, an experienced real estate professional can help you get the best possible outcome. The Lafayette Team not only has local knowledge but also more than 17 years of combined experience helping clients throughout the area achieve their goals. Contact us today to learn more about how we can serve your needs.