Because of the pandemic, your plans of moving into a new home may have been put on hold. Thankfully, with the vaccines finally being administered, it’s time to start focusing on getting your life back on track. Though the pandemic has thrown things out of balance, there are a few positives to come out of it. For instance, the real estate market isn’t as booming as it once was, which makes selling your house easier.
If you’re still on the fence about selling, here are three reasons why now is a good time to sell your house.
1. The Demand Is High for Single-Family Homes
If you live in a single-family home, you’re bound to have more than your fair share of offers. This is because single-family homes are houses with large amounts of space and minimal interference from neighbors.
The demand for this specific type of housing has skyrocketed since the pandemic erupted. The average price of a single-family home is typically around $300,000. Some homes can go all the way up to $600,000, but keep in mind that this heavily depends on the area.
2. The Inventory Is Low
With high demand comes a possible shortage of inventory. In the real estate market, the inventory are the listings themselves. Surprisingly enough, there are not a lot of options for people to choose from right now, so your listing is bound to be seen. There are two ways to go about selling your home: bartering for a good deal and selling as quickly as possible.
Either option is going to give you a lot of funds to use towards your next home. But if you want to acquire as much money as you can, it’s best to think carefully of how you choose to show your listing. For those looking to sell quickly, all you need to do is take the first one of the first two to three offers you’re given.
3. There Is More Accessibility Due to Lower Rates
Something that every homebuyer looks for in a house is lower interest rates. An interest rate is technically a separate amount of money you need to pay on top of the initial purchase. Interest rates apply to the loan payments and can be decreased depending on how much you put for the down payment.
For example, if you were to buy a house for $150,000 with a 3% interest rate and a down payment of $25,000, your monthly interest would be a total of $527 per month. And that’s with not counting the property tax or homeowners’s insurance. Since the rates are lower, people will be able to have more access than they would before the pandemic.
Selling your house is the easy part. It’s what comes before the sale is made that can be difficult. But with how things are currently, the entire process may be a lot easier than it would be before. Use this information to your advantage as you come up with a plan to sell your home.