Are you thinking about selling your home and moving on to a new location? You may be hesitant to pull the trigger and make the move while the virus is still raging. But as we head into the new year, things are looking up. Here are the top 5 reasons why selling your home is the smart thing to do in 2021.
1. Mortgage Rates Are Lower Than Ever
One of the biggest reasons why more people are buying homes is because mortgage rates have gone down to an all-time low. In fact, at an average of 3.07 percent for a 30 year fixed rate deal, you’d be insane not to take full advantage. As a result, more people than ever are looking for a new home to buy in 2021.
This means that you will be in a very good position to sell your home in the new year. Even if you charge top dollar for your property, there are plenty of people who will be able to afford it. This is because they can offset the price of paying for your home against the historically low rate of interest they can get for their mortgage.
2. Home Prices Have Stayed High
Even in the midst of a crazy pandemic, home prices have stayed high. In fact, through the year 2020, they have actually gone up even further. The current rate for a single-family home represents an increase at a whopping 7.7 percent. If you want to buy a home, you will need to shell out an average of $274,600.
Of course, if you are the one who is selling your home, you’ll be all for this. And who can blame you? There are a number of documented reasons why home prices have actually gone up during the pandemic. But the main thing for you to know is that all of your fears of getting less than your home was worth have proven to be groundless.
3. Home Buying Priorities Have Changed
The outbreak of the virus has changed priorities for many new home buyers. One of the biggest effects of being locked down in a single area is growing discontent. After spending 9 months in your home, you may well want to move away to a new location just for the change. You may also feel the need to move on to put it all behind you.
4. You Can Offer a Home Office
This follows suit from what we mentioned above. You are in a position to give people a complete change from the surroundings they have had to deal with for nearly a year.
You can also supply them with new features that they will be glad to take full advantage of. One of these should be a home office. If yours is already set up and ready to go the moment they move in, all the better. This a major perk that almost every new home buyer will jump at.
5. The Global Economy Really is Recovering
Perhaps the most encouraging sign of all is the fact that, slowly but surely, the global economy really is beginning to show signs of a recovery. It’s coming in slowly in waves but, as a result, industries all over the world are beginning to revive. The real estate industry is one that is definitely beginning to prosper at a new rate.
What this means for you is that you ought to have no issue whatsoever with selling your home in 2021. All of the signs are here for you to enjoy a quick and very lucrative selling process. New buyers are lining up all over the world to enjoy the best quality new homes. This gives you the basis to charge your highest price.
If You’re Ready to Sell, Now is the Time
With all of these great reasons to sell your home, it’s amazing that you’ve waited this long. Of course, we understand that you were waiting for confirmation that this really would be the smart move to make. But now that you know all of the relevant details, now really is the time to make your move. 2021 is the year to score huge.