The real estate market was covered by a cloud of uncertainty as 2018 came to a close. With the proposed tax bill expected to increase mortgage and interest rates, many are hesitant to buy or sell their house. Breathe easy. This bump is expected to be a gradual rollout. In fact, prices may not be heavily affected until the end of 2020 or beginning of 2021. That is why right now is the perfect time to sell your home. Let us explain!
Moods of Buyers and Sellers Are Changing
If you have been on the fence about selling your house, right now is that “pull the trigger” moment. That is because those who are also on the fence about buying a house are coming to the same realization that you are. The time to do it is now!
As a potential seller, you have the concerns that many other homebuyers are having. They’re nervous to list their house. This is an advantage for you.
The market is not as competitive as it was a year before. Naturally, this makes your house in better standing against others.
Consequently, you may not see as many people scoping out your property. This is not a cause for concern. In actuality, this is sort of a blessing.
Less bites is like a filter mechanism. Having fewer people looking makes it easier to differentiate between potential buyers and “tire-kickers.” With fewer houses on the market and a smaller pool of people looking, you only have serious candidates out there.
It’s actually a win-win situation for both parties. Sellers aren’t overpricing their homes. Meanwhile, buyers aren’t lowballing and wasting sellers’ time.
You Might Make a Pretty Good Profit
If you have a considerable amount of equity in your home, then right now is undoubtedly the best time to sell your house. For one, you are already up in the game.
Chances are, you probably bought your house when the interest rates were at a record low. This allowed you the cushion to gain more equity. So, you were paying low prices to earn considerable equity. Selling now sets you up for a very nice profit.
Right now, interest rates are still affordable. That means people looking to buy are pretty eager to lock in at today’s rate. Therefore, you can list your house without worry of taking a hit.
As we mentioned, you still have some time. The same goes for your buyer. Therefore, potential buyers might feel comfortable negotiating. Keep this in mind. You’re still in a position where you can price your property with an amount that leaves room for negotiation. Just make sure you have that “bottom out” number in mind. Right now is not the time to dip below that number.