It’s an opportune time to be a home seller in the U.S. The housing market has been on the rise, and there are several factors that make it a great time to sell your house right now in 2021. If you’re considering offloading some property, this is no time to wait around for the housing market to cool down. Whether you’re considering selling your house in Brevard County, Florida or anywhere else, the current state of the housing inventory means there’s opportunity to be seized all over the country.
Should you sell your house in 2021?
The truth is, it depends. Like any other major life decision you will face, there is no cookie-cutter answer or solution as to what’s best for you and your family. That being said, if you’re considering selling your house or property in 2021, we think it’s a great idea to do so for the following reasons.
Five reasons to sell your house in 2021:
Reason 1: Interest rates are expected to increase
As the U.S economy continues to stabilize and interest rates rise, some sellers may want to sell their homes before rates climb too high. Interest rates have been historically low for a long time, but they’ve been on the rise since around March of 2019, so capitalizing on the low current rates is a great idea.
Reason 2: Changes in circumstances
COVID-19 has impacted every single person on the globe in varying ways since early 2020. If you’re feeling like it’s time to make a change, selling your house might be the opportunity you’ve been waiting for.
While there are many reasons one would consider selling a house, whether located in a city like Cocoa Beach here in Brevard County or elsewhere, changes in circumstances were widespread among sellers in 2021. This could be because of job changes, health issues, family matters, financial stressors, and countless other reasons. Some people seek access to better opportunities in other locations, while others want to simplify their lives and move closer to family. In any case, all are good and valid reasons to want to sell your house in 2021 and step into a new chapter of life.
Reason 3: Increased home equity
The average home sold in Florida has increased in value by 17.6% from 2020 to 2021, with a current value of $317,500 in Q1 2021. As economic conditions improve and mortgage defaults lessen, buyers become plentiful, making this an opportune time for people to sell their homes and leverage that equity into a new home or investment.
Reason 4: Inventory levels are at a historic low
In May 2021, nearly 6 million houses sold in the U.S. – an increase of almost 45% compared to May 2020. As more people were buying properties earlier in 2021, inventory wasn’t being replenished at the same rate. The increase in house sales over the past year was enough to cause a shortage of homes on the market, plus high competition for those available houses. While it’s hard to predict exactly what will happen in 2022, many analysts believe prices will rise through the end of 2021 due to the low inventory numbers, making this an ideal time to sell your home.
Reason 5: Appreciation of property value
According to a data report from CoreLogic, homeowners gained an average of $17,000 in equity in 2020. Those numbers continue to grow as home values appreciate, so many homeowners have chosen this moment to cash out for their dream house purchase! The added equity creates a good environment to sell because we know that low demand along with high supply will make prices go up — which is exactly what’s happening now.
Here in Brevard County, the population has steadily risen about 10 percent over the last decade, and we’re constantly working to support that growth. Other places have grown at quicker rates, with unprecedented amounts of people moving in for jobs, family, environment, and other reasons. These factors not only impact prices but also inventory. As people move in and the demand increases for neighborhoods and homes, on-demand inventory can be lacking which leads to longer wait times for buyers. If you’re thinking to sell your house in 2021, now is a perfect time!
Whatever your reason may be for wanting to sell, we’re confident that we can help you make it happen faster and more easily than you’ve imagined. 321 House Buyers has helped numerous and diverse homeowners sell their properties with minimal hassle, so don’t put it off any longer.
Check out this link for more about our process: https://321housebuyers.com/the-process/