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.”
Home price growth slowed in the second half of 2018. Fewer buyers entered the market due in part to rising interest rates issued by the Federal Reserve. Combined with economists forecasting a possible recession in the next two years, 2019 could be the ideal time to sell.
Buyers Entering the Market
Those who are ready to make a purchase will continue to shop around, even with low housing inventory and rising interest rates. According to Trulia, more than 20 percent of Americans between 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 a gradual climb throughout the next year, but to remain much lower than the historic high of over 18 percent in 1981. John Pataky, executive vice president, chief consumer and commercial banking executive at TIAA Bank says, “Not every Fed increase is passing on to a mortgage rate. We do expect over the next 12 months that mortgage rates will continue to drift higher.” If you want low interest, now is the time.
High Home Equity
If you bought your home during the recession, you benefitted from historically low interest rates and until 2015, lower home prices that were still in recovery mode. For those in that category, home equity has risen with nearly every mortgage payment. The higher your equity, the more you net from the home sale.
Whether you’re looking to sell or buy a home, start your property search with By Carrier home. Explore our custom communities today!