When it comes to figuring out the best time to sell your home, there’s no time like the present. Whether you’re looking to offload your starter home so you can move into a place that accommodates your growing family or hoping to move halfway across the country, the start of the new year is a great time to finally put that “for sale” sign in your front yard. Here’s everything you need to know about why now is the best time to sell your house.
It’s a Seller’s Market
You might think that the pandemic would make people less likely to switch up their living situations, the opposite has proved right. According to data from the National Association of Realtors, contract signings in October 2020 rose 20.2 percent year over year. According to data from the Federal Housing Financial Agency, U.S. home prices rose 7.8 percent in the third quarter of 2019 to the third quarter of 2020, marking the quickest year-over-year uptick since 2006.
Buoyed by the desire to have a place that truly feels like home amidst the new work-from-home normal, many buyers are opting for places with offices and larger outdoor spaces. So if you’re thinking of selling your home, you can rest assured you’ll get plenty of offers—including many that will likely be significantly above the asking price.
Home Inventory Is Running Low
In August 2020, Realtor.com reported that home inventory decreased 36.4 percent year over year, while the number of newly listed properties decreased by 11.8 percent. Because there are fewer homes on the market, nationwide prices rose to a new median high of $350,000 in August 2020. Buyers are increasingly making offers above the asking price, which bodes well for sellers. Getting a higher offer on your home will enable you to put more money in your pocket for that new listing you’re dreaming about.
Interest Rates are Low
If you’re hoping to purchase a bigger home in the new year, you might want to act now to get the best interest rates. According to Freddie Mac, average interest rates reached a new record low in December 2020 of 2.68 percent for a 30-year fixed-rate mortgage. This means you could likely save thousands of dollars in interest during the course of your home loan, so if you’ve been thinking about selling your current property to purchase a new one, it might be time to take the plunge.
If you’ve decided that now is indeed a good time to sell your home, the next step is to actually put it on the market. Thankfully, you don’t have to navigate the confusing selling process on your own. Our team of real estate experts is ready and available to help you through the process from start to finish. By partnering with our real estate pros, you can rest assured you’ll enjoy a seamless selling process—and we can even help you find the new home of your dreams!
Rebekah Bell is a writer who lives in Los Angeles.