Reasons Why You Should Sell Your Home in 2019
If you haven't listed your home before now, did you miss the boat? Absolutely not, but it may be tim
Analysts predict that 2019 will be a record-breaking year for home prices.
It is no secret that things have been good for homeowners during the past few years.
As such, even if you did not have the desire to move, it is likely that the current state of the housing landscape has tempted you to put your home on the market.
Nonetheless, as the adage goes, all good things must come to an end. You have probably heard rumors that the white-hot housing market has finally started to cool down.
If you haven't listed your home already, have you missed the boat? Absolutely not, but it may be time to strike. Here are 3 reasons you should sell your home in 2019
Reasons to Sell Your Home In 2019
Your home is probably one of your most valued possessions, and moving from it may be the last thing you want to do.
However, there are opportunities in the housing market today that make it worthwhile for homeowners to consider selling their houses. Here are three of those reasons:
1. Home Prices Are Still On the Rise
Unless you have not been paying attention, you know that word all over has been about the housing market being abound with opportunities for sellers for a while now. In the past two years home prices made a 10 percent leap.
2019, however, might be a little different. House prices are still on the rise, but not at the rate that we have noticed in recent years.
Fortunately, the number of homeowners putting their homes up for sale has only increased by one percent. This means that you will not be facing a lot of competition.
Some say the reason for the slow down of the selling rates is the general economic uncertainty in the country. The fact is that some buyers have simply been on the fence about buying a home. They want to purchase but they are taking their time to think about it.
There are still a lot of eager buyers perusing the market. Most of them, however, are searching for newly built homes. Forecasts indicate that new home construction is expected to increase by 8 percent in 2019.
While that might not be the kind of news you want to hear, there is some good news for you. There are not enough homes to go around. Construction companies don’t have the ability to build enough homes to meet the demand right now.
The bottom line is that prospective buyers are becoming flexible and considering purchasing older homes. That means the prices for older homes and new construction is going to be higher due to the demand.
What Higher Prices Means for Home Sellers
Simply put, you are sitting on the potential for nice profits. Even if the number of homes being sold in 2019 is not at the stellar rate of the past two years, it still presents with you with a good opportunity for making a profit.
Higher prices may mean that a number of potential buyers are priced out of the market. So, there is the likelihood of getting fewer offers for your house than you would expect.
It’s important for you to be aware of your competition. With fewer offers going around, you want your house to stand out from other similar properties in your location.
Therefore, you will need to prepare your house for potential home buyers. You should work with a real estate agent to assist you in listing your house for the right price.
It can be difficult, but you will need to be patient and wait for the right deal. Some buyers try to offer less for a home in an effort to get a deal. If you are not being pressured to move, take your time, and wait for an offer that makes the most sense to you.
Remember, the person who is the least desperate always has the upper hand during negotiations.
2. Millennials Are Becoming Home Buyers
Millennials represent the generation born after the mid-80s.This generation is getting older and most have stable careers. They have now reached a different point in their lives. They are taking over the homeowner leaderboard from baby boomers and Gen Xers.
Statistics indicate that the household income of millennials has risen to $88,200, and many are now looking to purchase their homes in middle to upper-middle class neighborhoods.
This shift is working well for them since most baby boomers are now retiring, and downsizing as a result. It is projected that millennials are going to take up the lead in mortgages, making up as much as 45 percent of the market.
Gen Xers will follow at 37 percent while baby boomers will account for only 17 percent of that market.
What This Means to You as a Home Seller
To capitalize on the millennial home buyer boom, you will need to know what makes the millennial generation tick.
They are the most internet-savvy folks around. So, they are more than likely to go online to do their research when they decide that they want a house.
Here is what they look for:
• Easy Online Shopping
As mentioned, millennials begin the home search process online. As the seller, you need to ensure that you have the best possible impression online. This means investing in high-quality photos.
You can also consider obtaining aerial video of your property using a drone, just to up the ante.
• Quality Over Size
While square footage does matter, millennials tend to be concerned about how usable and sustainable that space is. You need to give potential buyers the ability to visualize how their future home could look. That means decluttering your home and getting rid of any unnecessary junk.
Since millennials are working professionals with a penchant for fun, they tend to prefer living in locations that provide the amenities of a big city while still being affordable to live in.
If your home is in a walkable location with access to public transit, you can count on millennial home buying prospects being very interested.
• Low-Maintenance Lifestyle
The millennial generation has been brought up in the digital age, where technology makes for efficiency. They are likely to have a preference for energy-efficient houses that are equipped with smart appliances.
Consequently, if your home does not have such features, you will have a harder time convincing them that your home is ideal.
Getting to know the millennial generation will allow you to customize your home in such a way that it appeals to them. This will ensure that your home sells quickly and also at a good price.
3. Mortgage Rates are at a New Low
At the beginning of 2018, market analysts predicted that mortgage rates would rise. And, indeed, by the end of 2018, those rates had gone up significantly.
The tide has shifted in 2019. Since the start of the year, rates on the most popular home loan (the 30-year fixed mortgage) have been falling. They recently slid to a new 12-month low of 4.37 percent.
Only one thing can follow such a phenomenon; buyers will be looking to capitalize on the opportunity. This is not limited to first time home buyers. Those looking to trade-up will also benefit.
After all, chances are that you will be looking to get another house after selling your current one.
The bottom line is that you need to capitalize on this opportunity by getting your home sale-ready.
Bonus Tip: There’s a High Demand for Houses under $300,000
Census reports show that the current national median price of a home in the U.S. is $289,300. This means that prospective buyers are likely to be shopping for houses that are less than $300k.
This is, perhaps, because most of these people are first-time buyers who do not want to commit to a big investment. If you own such a house, you are likely to see a lot of offers coming your way.
2019 is likely going to remain a seller’s market. However, judging by the housing predictions for the coming years, this bubble is not going to last forever.
If you are looking to sell your home in 2019, it is imperative that you take advantage of the current high property values and low mortgage rates.
Housing experts recommend that the best way to achieve your desired results is to price your house competitively and aggressively as we make the shift towards a more balanced market.
This can only be achieved if you have backing from a professional real estate expert.
Are you looking to sell your home? The Hommati Franchise is a network that links home sellers/buyers with professional agents that will help you get the best deal possible.
Contact us today and let us assist you to get the best price for your home.