5 Homeowner Opportunities to Sell This Winter
If you are like most homeowners, wanting to put their house on the market, you are always on the look-out for golden opportunities to sell. Well, we have some surprising news to share. The 2020 winter season is warming up and showing more buyer demands for homes and less competition than expected. Even the experts weigh in with ultra-positive feedback.
It was surprising to learn just how strong the residential real estate market remains. By all accounts, the projections, the forecasts, the low mortgage rates, selling a home in the 2020 winter season has taken the U.S. by storm.
What are the top experts saying about the 2020 residential market?
According to a recent Fox Business News article Home purchases to remain solid in 2020, thanks to low-interest rates stated: “Thanks to historically low-interest rates — and cheap mortgage rates — home purchases are expected to continue to increase in 2020, according to a new forecast from the Mortgage Bankers Association.” [1]
In that same piece, Chief Economist at MBA, Mike Fratantoni stated:
“Moderating price growth is healthy, as it allows household incomes to catch up with home values…This improvement in affordability will lead to more home sales – especially given the rise in household formation and growing demand from first-time homebuyers.” [1]
Then in Freddie Mac’s Economic & Housing Research Forecast, fourth-quarter report, they went on to say:
“We expect rates to remain low, falling to a yearly average of 3.8% in 2020 and 2021. The housing market will continue to stand firm: home sales will rise…6.2 million in 2020 and 2021, respectively. House price growth will continue to decelerate through 2021 with annual rates of 3.2%, 2.9% and 2.1% in 2019, 2020 and 2021, respectively.” [2]
And finally, Global Chief Economist at ARCH, Ralph DeFranco stated:
“Low-interest rates and a shortage of starter homes will continue to push up prices.
This is especially the case for lower price points since builders have tended to focus on
more expensive, higher-profit houses and less on replenishing low inventories of
entry-level homes.” [3]
What are the five compelling reasons to list your house this winter?
With that kind of ultra-positive feedback, we had to put together five compelling reasons to list your house this winter. The market is fresh, robust, and listing your home at this current time, there may never be another opportunity like this in years to come.
1. Demand Is Strong
According to the Buyer Traffic Report, put out by the National Association of Realtors (NAR) indicates buyer demand remains strong across the country. American buyers are researching the market and ready to purchase now. It is becoming common to find multiple buyers competing against each other, wanting to buy the same home. With that kind of knowledge, take advantage of buyer activities currently in the residential marketplace. [4]
2. There Is Less Competition Now
Historically, a homeowner lives in their home for six years and then sells. However, since 2011, that number has jumped to ten years before selling. The healthy 2020 winter housing market shows residential inventory remains under the 6-month supply needed. That means, across the country, there is more demand to buy, then there are homes for sale. If you wait to sell, additional inventory will come to the market, when you least expect it, making it harder to sell.
3. 2020 Winter Buyers Are Ready To Purchase
In the past, spring was the best time for homeowners to list their homes. They had access to high buyer traffic, actively searching for a new home. In the winter, though, buyers who are ready to purchase a home– are serious investors. They are prepared to make offers, and anxious to move, often quickly. Your house may be what they are searching for, so listing it now, when other potential sellers are waiting, is a golden opportunity to sell.
4. The 2020 Winter Season is the Best Time to Move Up
If you are ready to move into the premium or luxury markets, consider moving up now. If you have a starter or trade-up home and prepared to move into your dream home, you will be able to do that now. According to CoreLogic, pricing projections show appreciation by 5.6% over the next year and possibly longer. If you wait to step into a premium or luxury home, the down payment and mortgage will cost you more in raw dollars down the road. [5]
5. It’s Time to Move On With Your Life
Look at the reason you decided to sell in the first place and determine whether it’s worth waiting. Is money more important than being with family? Are you ready to go on with your life the way you think you should?
Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market this winter. Perhaps the time has come for you and your family to move on and start living the life you desire.
With low mortgage rates coupled with home price and wage appreciation, many are wondering about the housing market forecast for 2020. We can help you!
[1] https://www.foxbusiness.com/money/home-purchases-2020-low-interest-rates
[2] http://www.freddiemac.com/fmac-resources/research/pdf/201911-Forecast-04.pdf
[3] http://content.archmi.com/hammr/HaMMR_Fall2019.pdf
[4] https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index
[5] https://www.corelogic.com/insights/home-price-index.aspx
