With more buyers coming to market this spring, here are the top three reasons you may want to consider selling your house and making a move this season.
In the latest Housing Trends Report, the National Association of Home Builders (NAHB) measured the share of adults planning to buy a home over the next 12 months. The report indicates the percentage of all buyers who will be first-time buyers looking to purchase a home grew from 53% in Q4 2018 to 63% in Q4 2019.
With a high demand from first-time homebuyers and a shortage of inventory in the current housing market, especially at the entry level, selling your house this year might be your best move. Why? Because when homebuyers begin their search, they’re not all looking for new construction. Many are eager to find a little charm and character in a place to call home – possibly yours.
The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have fallen since November 2018 when they reached 4.94%. In February of 2020, they hit the lowest level in three years (3.45%). In their latest forecast, Freddie Mac also notes how mortgage rates are expected to remain low, leveling out to an average of 3.8% this year.
If you’re worried about losing a great rate you may already have on your current mortgage, don’t sweat it. Locking in at today’s low rate may allow you to get more for your money on your next home, whether you choose to move up or downsize.
Inventory is a hot topic in the market today. According to the National Association of Realtors (NAR), “housing inventories are at the lowest levels for January since 1999.” The good news is, as a homeowner, this shouldn’t scare you at all. New construction is starting to ramp up after years of slowing builder activity, and inventory at the upper-end is in a buyer’s market, making it a great time for you to move into a new home.
A good rule of thumb is to sell something when there’s less of that item for sale and the greatest number of buyers are in the market. That’s exactly what’s happening today.
Not all buyers are looking for a newly built home, and your house may be high on an eager buyer’s wish list. If you’re ready to take advantage of low mortgage rates and a high demand for your house, let’s get together to start the process for you and your family.