2020 has been a difficult year for us all. Most people wouldn’t even dare to make some drastic life changes at the moment, as tomorrow is uncertain. However, did you know that it might not be such a bad idea to sell your house now and to take advantage of the situation the world is in?
We don’t think anyone of us lived to see a year like this before. Amidst the ongoing threat of the Coronavirus pandemic, riots worldwide and a wobbly economy, it’s no surprise that many people decided to postpone most of their life plans. When the unemployment rate is rising, almost no one is thinking about moving from their current living place. However, after looking at the current housing market, it might be a great idea to sell your house now!
So, if you have been planning to sell your property, don’t wait! Here are some reasons why you should do it now.
1. The Demand Is on the Rise
When the worldwide pandemic started and the quarantine and social distancing were proposed, most people decided to delay selling their homes – and understandably so. Once the lockdown was lifted a bit, though, demand has once again increased, according to the National Association of Realtors. Houses in the suburbs and rural areas are especially sought after, as everyone is trying to get away from the crowded big cities. If you have plans on getting rid of your suburban property, you should sell your house now.
2. Low Home Inventory
Even though the demand is high, the house inventory is extremely low. The supply was lower than demand even last year, when the situation was stable. Now, this shortage has only grown bigger. In fact, during the month of June, the housing inventory was 27% lower compared to the year before! For you as a seller, this means that if you decide to sell your house now, there are bigger chances that you will find a great buyer.
3. Higher Home Prices
When the demand is high but the inventory is low, the prices are higher. Not only that, but if you have a really attractive property, buyers will likely have to bid on your property, which means bigger profit for you! This is most notable when looking at prices of a single-family homes, as most people are looking to move into them.
4. Low Interest Rates
Not only will you likely be able to find a buyer and sell at the best price possible, but the interest rates have reached historical lows. In fact, according to the reports from Freddie Mac, average interest rates for a 30-year fixed-rate mortgage were around 3.07% in July. In other words, this means that it’s way more affordable for buyers to purchase a home now, instead of waiting. This only increases your chances of selling your house fast.
5. Home Buyer’s Requests Have Changed
In 2020, people were forced to spend more time in their own houses. Social distancing and working remotely are some of the practices that are probably here to stay, which means buyers are desiring bigger, more comfortable homes. Outdoor spaces have also become more desired, as well as single-family homes that allow more privacy. This makes staging homes even more important now than before. Luckily, open houses are no longer needed, which means you can pre-arrange professional 3D virtual tours and videos. If you want to sell your house now, that information can be important to you.
Social distancing has, however, made the home selling process a lot slower than it was before. Home inspections have to be scheduled ahead, as well as visits of the repairmen and other maintenance workers. Many sellers opt to arrange their own inspections beforehand, so they can have reports prepared when a buyer appears. If you want to sell your house fast, though, this means that you probably have no option but to contact a local direct buyer in Milwaukee.
6. The Economy Will Likely Recover Sooner than Expected
While the COVID-19 pandemic lead to increase in joblessness in March and May, the unemployment rate is slowly declining. This gives hope to people who are, slowly but surely, getting ready to take life in their own hands once again. The consumers are once again spending, which is a good thing for any seller out there – and home sellers are not different. It is supposed that companies will start looking for new employees to keep with the rising demand. The better the economy state, the more are people willing to risk by making life changes. This is why you should try to sell your house now.
If you wait longer, chances are other home sellers will be one step ahead of you. The buyers are in a rush, and they are more likely to purchase the first house they like. If you allow other sellers to list before you, you are losing the upper hand.
And if you have a rundown property that you want to get rid of but can’t afford to waste time or money repairing it, don’t worry. We at Sparks Property Investors LLC are buying houses even during this crisis! We will buy your property as-is and we will pay you in cash. This way, we hope we can help you relieve yourself of your financial burdens. You will get money without having to wait for an approval from a lender. Not only that, but we can close faster than traditional buyers. We may even be able to close the sale for as fast as 7 days! You don’t have to spend a dime on repairs – just give us a call!