It’s been a seller’s market for homeowners for several years. The market has been tempting, even for homeowners who have no desire to sell and move. Understandably, the sight of neighbors selling their homes for tens of thousands over the asking price can make anyone want to sell. The seller’s market is finally beginning to cool down, however. If you haven’t listed your home so far, you should consider doing it now. Every month that you put off the decision to sell, the market will gently turn in favor of the buyer.
While the market still favors the seller at this point, it isn’t the way it was even a year ago. If you decide to list today, you can no longer do with without considering the other homes that buyers will see when they comparison shop. You may need to tweak the price a little to be competitive or think about new appliances or other ways to get the attention of buyers. Since it’s still a seller’s market now, however, you still have a chance of getting a great price for your home. What follows are the best reasons why you should sell your home in 2019.
Inventory Is Rising
It’s been a seller’s market for years because there simply haven’t been enough homes on the market to keep up with demand. Inventory is finally rising, however, especially on the higher-priced side of the market. If you list early, you will have fewer homes on sale to compete with, and you’ll be able to command a higher price.
You’ll Still Make A Great Profit
Home prices have been on a spectacular rising trend ever since 2012. Back then, the median home price in the U.S. was around $150,000. In 2019, it’s nearly twice what it used to be, at close to $300,000.
Home prices saw an average drop of 15 percent at the beginning of 2019. This has only resulted in more buyer interest. While you’ll have competition from other sellers, the fact that homes are somewhat more affordable means that there are more buyers to pick from. Even if you don’t get to command much above list price, you will still walk away with a great profit. The earlier in the year that you sell, the higher the premium on your house will be.
Demand For Homes Below $300,000 Is High
The median home sale price in 2019 is around the $300,000 mark. If your home is valued at less than the median level, you’ll find that the market is still frenzied. There is extreme buyer interest. If you have a home at this price range, you’ll probably still see multiple offers very quickly, and see buyers outbid one another to buy your home.
Mortgage Rates Are Lower Than Ever
Mortgage rates were on their way up at the end of 2018. Starting in 2019 however, the average rates on 30-year fixed mortgages have fallen to about 4.3 percent, their lowest level in a year. The lower the mortgage rates, the more buyers there will be who can afford to buy a home. You will see greater buyer interest when you put your home up for sale.
If you want to sell your home in order to trade up and buy a bigger home, taking the opportunity to do it as early in the year as possible, makes sense. You’ll get the best possible price on your home, and take advantage of attractive mortgage rates, as well, when you buy.
The year 2019 may be the last year that it’s a seller’s market in housing for a while. If you believe that you will want to sell your home sometime in the near future, it makes sense to sell now. You’ll get a better price for your home sooner, rather than later.
Sell Your Home For Cash
If you’re looking to sell your home this year, let our team give you a transparent and honest all-cash quote for your home. Sometimes the traditional route of selling your home takes too long or requires expensive home improvements to bring your house up to market standard. With Rise, we’ll buy your home fast in “as-is” condition. Simply give us a call at (972) 433-0236 or get a free cash offer for your home now.