04 Oct Why it is a good time to sell your home now?
Why it is a good time to sell your home now?
One would think that coming into fall and in the middle of a pandemic that it would not be a good time to sell. The opposite is the case.
So why is it a good time to sell now?
1) We have a low inventory of homes for sale in the Twin Cities. At less than 9,000 homes on the market in the greater Twin Cities area. We are down over 30 percent from last year. This creates more demand, a greater sense of urgency and higher prices for the seller. For historical comparison we had over 30,000 homes for sale in 2009.
2) Interest rates are at an all time low. Interest rates are approximately 2.25 percent for VA and FHA and 2.5 percent for conventional for a 30-year mortgage. This increases the affordability for the buyers. And they can buy more and have a smaller mortgage payment than ever before. This makes buying in comparison to renting more attractive.
3) The effects of the pandemic are only starting to be seen. Evictions and foreclosures are on hold and that will end soon. Also, many companies will have layoffs the end of this year and into next year. And many companies will simply go out of business. So, the buyer pool could very well decrease this winter and well into next year. This will influence prices and demand.
4) Lastly, we know what the current real estate market is.
That is why it is a good time to sell now!
Call me if you would like to discuss your homes value and want to take advantage of our current real estate market.
Look for more articles and videos in the future on different aspects of real estate.
Real estate is a wonderful investment!