Why 2021 is the Year to Sell Your Home

If there was one good thing to bring into the new year from the disastrous 2020, it’s the booming real estate market. In 2021, experts and real estate professionals expect the market to keep up its trend of high prices and low mortgage rates – making it the perfect year to sell your home.

With the opportunity for relocation due to the increase of remote work and a desire to have a more comfortable home since we have been spending so much time in them, 2021 is the year to take advantage of a seller’s market.

Home Prices are Rising

According to Danielle Hale, the chief economist from realtor.com, home prices are expected to rise 5.7% in 2021. This is absolutely great news for sellers because they can get even more for their home and increase their return on investment.

During the summer and fall of last year, many home sellers experienced receiving multiple offers for their homes, some even above asking price. So, if you have a set price for your home you want to ask for, you don’t want to wait until next year to put it on the market.

Mortgage Rates Expected to Remain Low

Right now, the average 30-year fixed mortgage rate sits below 3%. Freddie Mac reported an average rate of 2.65% as of January 7th. This is the lowest rate it has been in recent history.

Fortunately, for home buyers this means they can afford to buy a house in the current market. With so many buyers in the market, home sellers are almost guaranteed to sell their home with little difficulty.

As mentioned above, many home sellers are receiving multiple offers for their home, both at and above asking price.

These low mortgage rates are also great news for those home sellers who wish to upgrade or need to take out another mortgage to purchase their future home as well.

Not a Market for First Time Home Buyers

While the 2021 real estate market may not be friendly to first time home buyers, it does give current homeowners an advantage. Since housing prices are increasing, those with homes to sell can afford to pay more for a home due to the equity they have built over the years.

For first time home buyers with no equity in a home, they must scrounge up a down payment for those more expensive home prices. However, if they can gather a down payment, they can benefit from the low mortgage rates.

There Are Plenty of Options

After a difficult year, 2021 seems to show some promise for the real estate market. For home sellers who wish to relocate to a warmer climate, buy a full-time vacation home, or simply have a change of scenery, now is the time to do it.

Or if you’re getting restless and want a bigger project while sitting at home, consider taking on a renovation or restoration. Brickworks Property Restoration can make it easy to tackle your next home project in 2021.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes