Many people have been on the fence this year about putting their house up for sale. With the yo-yoing restrictions related to the pandemic, I have heard uncertainty from my clients regarding whether or not it is a good idea to sell your home in 2021. I have come up with three reasons for why you should sell your home in 2021 as well as two reasons why you may want to wait, depending on your situation.
REASONS TO SELL YOUR HOME IN 2021
Interest Rates Are Expected To Remain Low
The pandemic has created a positive effect on interest rates. They have been lowered significantly to help maintain a healthy economy. With lowered interest rates, you are more likely to get an affordable mortgage. However, it is important to keep in mind in this market, certain regions have a supply of homes that does not meet demand so it is possible that you might find higher property prices. Check with your real estate agent to find the sweet spots that give you the best of both worlds!
You Have A Starter Home
If you are one of those lucky few who are living in a hot zone of quickly rising home prices, now is the time to sell. This is especially true if you have a starter home in a hot zone as there has been reported plenty of buyer activity that is predicted to translate into the rest of the year. This is a fantastic opportunity for sellers to benefit from eager buyers.
You Need To Move
Despite a worldwide pandemic, there are still plenty of reasons to move! Your family might be growing and you need extra space, you might have found out you are permanently working from home and your condo does not have an adequate home office. There are plenty of reasons to upsize or downsize your current situation this year. If you have a genuine need to move, do not wait for the pandemic to be over. Even with current vaccinations, we are not entirely sure when things will return back to normal. It is still perfectly safe to buy and sell homes in this market. If you are going to spend the majority of your time at home, it is important to ensure that home meets all of your needs.
REASONS TO WAIT TO SELL YOUR HOME IN 2021
You Just Refinanced
Everyone has been affected by the pandemic in some way or another. For some, it was an especially hard hit. If you were someone who had to refinance your home recently, it may be best to wait to sell your home until next year. Hopefully your refinanced mortgages can help your financial woes and lower your monthly payments until you are in a better place.
You Are Worried About Affording Your Next Purchase
It is sad to know that not everyone is working from home or is an essential worker. Many of our loved ones are furloughed or even unemployed in this economic climate. If the future of your income is uncertain this year, it may be best to wait to sell your home this year until your financial future is more certain. If you are in this situation, I highly recommend reaching out to your lender to see what options are available to you to weather this storm as smoothly as possible.
As you can see, there are many reasons why you should sell your home in 2021. However, if you are still on the fence, or you would like to know more about the most opportune time to sell your home, please feel free to reach out to me here. I would love to alleviate any anxieties you may have around your situation. Stay safe!
