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Even though we’ve enjoyed a hot seller’s market over the past few years, they say all good things must come to an end. But does that mean you’ve missed the boat? Absolutely not! Though the market has softened a little bit, we’re still in a seller’s market. Here are five key reasons to sell your home in 2019:
1. You won’t be the only one listing for long. The reason why we’ve seen such a massive increase in home values over the last couple years is that we haven’t had enough inventory for the number of buyers in the market. Due to supply and demand, home prices have gone up. We’ve seen more homes come on the market after the first of the year, so we can expect much more supply as we head into the spring and summer months. This might negatively impact home prices and divert eyeballs away from your listing. Strike now while the iron is hot.
2. You can still make a handsome profit. The great news is that you’ll still be able to take advantage of all those years of appreciation and equity that you’ve built up in your home. Prices aren’t dropping just yet—they’re still appreciating, just not at the clip that they were one to two years ago. You’ll still walk away in a great position, even if you’re selling your home today.
3. There is still a demand for homes in the first-time-homebuyer price range. If your home falls on the lower end of your market, you’ll have more visitors and eyeballs on your listings, meaning that you’ll get more exposure and have more control over the outcome of your sale. The number of people looking at your home is directly correlated to your ability to sell it for the most money in the shortest amount of time.
4. Mortgage rates are still really low. Though interest rates were around 3.5% a few years ago and have since risen to around 4.5%, they’re still low in the grand scheme of things. Right now, there is a prime opportunity to sell your house before interest rates go up again—higher interest rates mean reduced buying power, which in turn means that fewer buyers will be able to afford your home. We don’t have a crystal ball to tell us exactly what will happen with interest rates, but it’s much more likely they’ll go up in the future than down.
5. Millennial buyers are flooding the market. Contrary to popular belief, millennials are actually buying homes. In the next two years, we’ll see more 30-year-olds buying property than we’ve seen in decades. That means it’s a great opportunity to put your home out there so as to attract those millennial buyers.
If you have any further questions about selling your home or about the real estate market in general, don’t hesitate to reach out to us. We hope to hear from you soon!