Real estate experts predict that home prices will rise by 2.8% in 2020, which can result in a lot of buyers being priced out of the market and/or fewer offers being made on your home.
With inventory still high, you will want your home to really stand out from others in your area. This calls for a plan that starts with a professional real estate agent helping you set the right price. Accurate pricing sells homes right from the onset.
According to Estelia Mesimer, the best advice she gives clients is to “focus on exterior home improvements because buyers are searching online for homes” and the exterior image of your home can make or break interest in it. She also advises clients of the importance of setting the right price from the start, thereby eliminating price reductions. You need an experienced realtor who can you give you the true value of your home and set you off on the road to a successful sale.
Why you should sell your home in 2020
In a recent Newsweek article Real Estate Editor Devon Thorsby lists the following four reasons to sell your home in 2020.
1. New buyers are still entering the market. If your house is at the higher end of the price range in your market, you should expect less buyer interest than in previous years. If your home is considered in the entry-level or midlevel price range for your city, however, expect to have interested buyers eager to move quickly. The biggest wave of new homebuyers will continue to be millennials, who are mostly first-time homebuyers. But depending on where you live, you may see the youngest generation of adults breaking into homeownership as well.
2. Interest rates are expected to remain low. Interest rates are expected to remain low throughout 2020, which will help new buyers obtain financing for their first home purchase. The Federal Reserve left interest rates unchanged in December 2019 with the target range of 1.5% to 1.75% and noted its intention to keep rates as-is throughout 2020.
3. You Have High Equity. If you’ve been in your home for more than a couple years, you’ve been building equity as the property value increases and you make consistent mortgage payments. The more equity you have in your home, the more profit you’ll likely see when you sell the property. That, in turn, can be used for a larger down payment on your next house, other expenses or savings.
4. There’s No Telling What 2021 Holds. According to the National Association for Business Economics Outlook Survey for December 2019, none of the 53 professional forecasters surveyed expect a recession in 2020, though GDP growth is expected to slow. On the other hand, 2021 is a different story: Respondents estimate a 66% chance of a recession starting by mid-2021. There’s no need to fear a massive housing crisis like the one that occurred in the last recession, which lasted from December 2007 until June 2009. Home values may dip during a time of economic uncertainty, especially in areas where job loss is significant, and the number of foreclosures may increase during that time. But as long as you can continue making mortgage payments, you’ll be fine.
Remember – Planting a “for sale” sign in front of your house might seem like the beginning of the home sale process. In reality it is only one step of a journey. You need the expertise that only a seasoned, knowledge realtor can provide. Hiring The Mesimer Team will set you up for success every time!
St. Petersburg Communities
Greater Pinellas Point
Historic Old Northeast
Historic Roser Park
Isla del Sol
If you’re interested in any of these of communities or live in one of them and are thinking of selling, call Estelia today.