5 Reasons To Sell Your Home Now
The super hot seller’s market is cooling off and slowing down.
Though property values have been on a steady incline for the past 10 years, things are now taking a turn. In the past, a seller would list their property, have it sold very quickly, and almost always at or above asking price. Like all things in life, the real estate economy is cyclical, and the status quo is shifting against the favor of sellers.
Does this mean you have missed your opportunity? The answer is no.
For many parts of the United States, it’s definitely still a seller’s market, though this is rapidly shifting in the opposite direction. If you have been thinking about selling, you may still find success in the current times, though it will require you to move quickly. Here are some of the most compelling reasons to sell your home ASAP in 2019.
Your home for sale won’t be the only one on the block for long
The reason sellers have had such an easy time moving their property quickly is because of one concept: supply and demand. There was a very high demand, and not much inventory to satisfy people’s desire to buy. You would commonly find multiple buyers quickly engaging in bidding wars for the little supply that was available.
The tables are turning in 2019. This year there has been a slow but steady increase in real estate for sale. The number of buyers is still greater than active inventory, but that will soon change. It will pay off to sell your property before you find yourself competing with your neighbor’s property. This is especially true in NY, NJ, PA, CT and other, more densely populated areas of the U.S. where inventory is increasing faster than areas with more affordability.
There is a high demand for properties under $300,000
The national median price paid for a home in 2018 was $324,800, according to investment site Money-Zine. If the value of your home falls at or below this value, you are still likely probable to generate lots of buyer interest in your property, including the possibility for a bidding war. The inventory for homes for sale at this price point is increasing at a much slower rate than the inventory for pricier “luxury” homes, which means you have a better chance at selling now than later.
Millennials are rapidly entering the marketplace
Historically, people tend to purchase their first home at the age of 30. There are approximately 5 million people between the age of 28-30 who will enter the market for their first home within the next two years. Consider still the older millennials (late 30’s) who are poised to purchase a new home as an upgrade, after having owned their first home for almost a decade. The ‘American Dream’ of owning a home is not one that is lost on this current generation of young adults.
Mortgage rates are very low
Experts predicted in 2018 that mortgage rates would rapidly climb. Though this indeed occurred, according to Realtor.com, as of February 2019 rates have hit a 12-month low. Low mortgage rates means there is a lower barrier of entry into the marketplace, which means more buyers. Sellers also become buyers because they are looking for their next place to live, so these low rates are advantageous to everyone. Better to sell now while rates are low, than later when the math doesn’t add up and it makes more sense to just keep your existing property.
You can still turn a nice profit
In January 2012, the U.S. median home price was $154,700.Today, that figure currently sits at $324,800. That’s more than double! This is a great time to sell if your purchased prior to 2012. With that being said, prices are currently increasing at a slower rate than before. Sellers in some markets are even taking price cuts in order to sell their property with more speed. This trend speaks of a retreating seller’s market. As time progresses and inventory increases, your chances of maximizing your profits decrease. If you’re thinking of selling, the best time is now.
Hewlett Buys Homes is a family-owned investment group that focuses on purchasing properties in NY, NJ, PA, and surrounding areas. We purchase properties in any condition and can close very quickly to meet the seller’s needs. We charge no fees or commissions to the seller and we do not require anything of the seller except for transparency and trust in our service.
If you would like to receive a free, no-obligation consultation with us, or know someone who needs to sell their home, please contact us or complete the form below.