Recently, the housing market has been absolutely BOOMING. It has been so easy to make money, and sell you house at such an amazing price, there’s no way to regret it!
In case you missed it, the pandemic launched a home buying spree of epic proportions. A struggling economy sent mortgage rates to low levels while many Americans sought out bigger, better homes to spend their days working from home and ride out the health crisis. A tidal wave of demand was met with a sorry amount of housing supply as a result of material costs, supply chain disruptions, and years of chronic under-building in the new construction industry. Early in the summer, it looked like mortgage rates were going to climb, but then they dropped again amid Delta variant fears. To put simply, there is an excess demand, as well as a supply shortage. This has caused so many people who want to buy your home be willing to pay a MUCH HIGHER AMOUNT! This not only means a much fatter wallet for you, but you will have the buyers crawling to you instead of the other way around.
You should consider selling now if:
- You’re trading up and want to lock in a low mortgage rate.
- You’re looking to maximize retirement funds.
- You’re OK with renting for a stint.
- Your house needs some work.
On top of all of this, the largest wave of millennials are hitting their 30’s, the age where most people begin to buy their first homes. With low mortgage rates enticing a number of first-time buyers into the market, starter homes are selling like hotcakes as demand flourishes. If your house is on the affordable side for your market, you’re likely to sell it at a premium in the current market.
Home prices have also boomed this year, boosting equity. Analysts have suggested that the strength in the market has been driven by people moving away from urban residences to suburban homes, the normalizing of remote work untethering buyers from any particular location, and the appeal of low mortgage interest rates.