It is widely known that 2020 has been an abnormally crazy year in the real estate market. The coronavirus, the primary culprit, has caused unpredictability throughout the year. For instance, spring is usually the time when homes are strategically placed on the market and have better odds of selling.
However, in the spring of 2020, the real estate market took a plunge, and homes became difficult to sell. This affected both the agents and the sellers. People were afraid to invest in a home for a large number of reasons:
• Job security
• Contracting the coronavirus
• Instability in the government
Nevertheless, the times have changed. By the end of the year, the real estate market had skyrocketed. Those who sought to sell their homes reaped the benefits for the following reasons:
• Mortgage rates were extremely low
• The demand for housing increased
• Stimulus checks provided the people with added income
• Some people wanted to move to the country to get out of the cities
• Etc.
The question then arises: “Should I sell my property in 2021?” The following points should be considered.
Home loans
For those of you who are thinking about selling your home in 2021, mortgage rates are still in your favor. Buyers everywhere are reaping the benefits of securing low-interest loans. This is a major plus for the seller.
People who could not have afforded a home loan at one time or another are now taking advantage of the reduced rates. As a result, if your home is priced properly, you can expect to sell it quickly.
Supply and demand
The supply of homes has hit such a low that the homes that are on the market have increased in value exponentially. Homes that go up on the market today may be in a pending state tomorrow, with the buyer paying the actual asking price.
If you are thinking about selling your home, 2021 is the time to do it. While home sales dropped in early 2020, the momentum has steadily increased throughout the end of 2020 on into 2021. There is no reason to think that it will drop off in the near future, but rather that it will continue to grow.
Strategic planning
While there are a number of good reasons to sell your home in 2021, there is yet another point to consider. The question is this: If you sell your home in 2021, what are your plans after that? If you plan on selling your home, chances are you will still need a home.
If this is true for you, then you are now putting yourself into a situation in which you will need to buy a home at an increased price due to the supply and demand. However, if you want to invest in a better home, then it could be the time to make your move.
If you sell your home now, you can accumulate a large sum of money. This large sum could then be used as a solid down-payment on a home that you could secure with a low-interest home loan.
Conclusion
For a number of reasons, 2021 should be a good year for sellers. If you make sure that you are planning wisely, this year could be a great opportunity to maximize your profits on the sale of your home.
