Are you thinking, “Should I sell my house?” Selling a home, coordinating moving details, and buying a new home is a major life-changing experience, no matter when you do it or where you do it. For those that have been thinking about selling their house in 2021, an ongoing recession and global pandemic only add to the anxiety. So, when should you list your home for sale?
The 2021 Real Estate Market
If you’re one of the many homeowners considering selling your home in 2021, current housing market conditions tend to favor sellers over buyers, which is a good thing for you! Additionally, low mortgage rates have boosted demand among home buyers, while low inventory conditions give sellers leverage too. No one knows exactly what the rest of 2021 will bring for the real estate market, but one thing is for sure: it cannot last! Rising home prices could cool the housing market over the coming months, especially if mortgage rates move upward as well. So what are potential home sellers to do? List your home for sale now.
It’s a HOT Seller’s Market in Southern New England
In Southern New England property values are high and inventory is scarce. Buying a home in 2021 won’t come easy, but millions of Americans will manage it, while more and more homeowners decide to sell their homes in the end. If you’ve been considering selling your home, there has never been a better time for you to make out like a bandit! Right now in Southern New England, houses being listed in sought-after locations are being sold within a mere day or two for above asking price!
Benefits of Selling Your House Now:
- Peak Home Selling Season is HERE
According to real estate industry experts, “we are now in the ideal time to sell a home. Peak selling ‘season’ starts in April.” This certainly does not mean you can’t sell a home in the fall or winter months, it just means Realtors can statistically sell your house faster, and possibly for a higher price, if you strike while the iron is hot. Postponing the sale until later in 2021, on the other hand, could make your home harder to sell when more homes for sale hit the market, and even decrease home seller profits.
- Low Housing Inventory Conditions Favor Home Sellers
Although not exciting for home buyers, in many regions across the U.S., low inventory housing conditions have created a strong seller’s market. Tight supply conditions and strong demand have shifted the real estate market in favor of sellers. This means in many areas property values have increased, along with home buyer offers. When home seller’s have multiple offers to explore in a short market period, this is a huge benefit when considering if you should sell your house or not. One thing to remember: this seller’s market will NOT last forever.
- The Housing Market Could Cool Relatively Soon
Record-low mortgage rates have helped fuel the housing market in the U.S. throughout 2020 and now into 2021. So if you are still asking yourself, “should I sell my house?” Now is a great time to list your home for sale. According to the National Association of Realtors, “Home sales remained strong throughout most of 2020, despite the coronavirus pandemic and resulting economic slowdown. And low mortgage rates were one of the primary factors driving that trend….During the first week of January 2021, the average rate for a 30-year fixed mortgage loan fell to a record low 2.65%. That was the lowest average in 50 years of record-keeping. But mortgage rates have risen since then. They rose steadily from February, 2021 to March of this year, topping out at 3.18% by the beginning of April.” Recently however, mortgage rates have begun to slowly tick upwards. According to real estate industry forecasters, “We are currently seeing more volatility with mortgage rates, compared to the steady decline that occurred through 2020 in early 2021.” Some financial forecasters, including the Mortgage Bankers Association and Freddie Mac, expect to see higher rates toward the end of this year and into 2022. This could impact the housing market by cooling home buyer interest, making it harder to sell a home.
In the end, selling your home now could be one of the smartest things you have ever done. Certainly financially, but also in terms of less home buyer offers with contingencies attached, as well as higher home buyer offers all together. Working to sell your home in a seller’s market is a job for a professional team of Realtors.
Why Choose Noonan Lombardi Realtors for your Real Estate Needs?
It can feel overwhelming getting ready to list your house for sale, but do not be discouraged. With the right amount of preparation and working with the right real estate team, you will be ready to make the necessary moves to secure the sale of your home.
Noonan Lombardi Realtors operates one of the most successful real estate teams for home sales, home purchases, property management, and rentals in Rhode Island, Connecticut, and Massachusetts. Our advertising and social media presence are second to none, giving each client the backing of exceptionally experienced Realtors waiting to work with you. Call Noonan Lombardi Realtors today (401) 580-8672.