Every homeowner wants the best deal when selling their property. However, the housing market can often be as unpredictable as the stock market! There are many factors involved in determining the value of a home. Even if the overall consensus says it’s time to sell, there could still be a reason why you don’t get the best asking price for your home.
Nick Ron, CEO of House Buyers of America, recently told U.S. News & World Report, “I think 2019 will be better than 2020 and 2021, who knows what’s going to happen in those years.”
In 2018, the growth in home prices slowed, with fewer buyers entering the market due in part to the Federal Reserve raising interest rates issued. Combined with economists predicting a recession in the near future, 2019 may be the ideal time to sell your home.
Buyers Entering the Market
While available housing remains low, buyers who are ready to make a purchase will continue to shop for a home. Millennials are expected to drive the trend of first-time buyers. According to Trulia, more than 1/5 of Americans between ages 18 and 34 said they plan to buy a home within the next year. As long as buyers remain active, you can still expect to profit from the sale of your home.
Low Interest Rates
Expect mortgage rates to continue climbing gradually throughout the next year, but they will remain much lower than the historic high of 1981. John Pataky, executive vice president and chief consumer and commercial banking executive at TIAA Bank says, “Not every Fed increase is passing on to a mortgage rate.” Pataky also doesn’t expect a dramatic shift in mortgage interest rates during 2019.
High Home Equity
If you bought your home during the recession, you benefitted from historically low interest rates. Your home equity has risen with nearly every mortgage payment and the higher the equity, the more you net from the sale of your property.
Whether you’re looking to sell or buy a home, start your property search with By Carrier home. Explore our custom communities today!