It’s definitely difficult to decide if you’d sell your house property now, on the next year, or wait for a few more years. However, experts advise to do it within 2019 for your advantage.
Basically, selling your home this year circles on the benefit of having more info about the real estate market this year, than you do on the next. If you won’t sell your property now, you have no assurance to have a good market later on.
Why Consider Selling Your Home this Year
Standing on the main benefit stated above, there are big reasons why experts advise you to sell your home this year.
Existing Property Sales are steadily going down
Reaching its peak in November 2017, sales of existing real estate properties are steadily going down by around 7% each year. This leads to softening of buyer’s demands, while still letting you have a good grip on the market.
Mortgage Rates are Increasing Significantly
Mortgage rates are on a significant increase, which also contributes to the softening of buyers’ demand on the market. Whenever the mortgage rates spike up, the number of potential buyers on the market decreases.
Waiting for one more year or two can be critical since you won’t know when the interest rate will slow down.
Lesser Number of Sold Houses
Some factors contribute to the decrease of sold properties as shown from the data last October, which reflects a possible further drop on the next years. Although you can give credit of your worry about your property remaining unsold, such worry will have bigger probabilities later on.
Selling your property now means dealing with the least probability of such worry to happen.
More Listings are Coming Soon
Of course, you don’t want to deal with more competitors, especially on areas around your property. Thus, you should think of selling your home now, to avoid such a large number of competitors.
Home Property Value is Decreasing
Property value is predicted to slow down on the next few years as well. This could lead you to lesser return on investment, and could even pull your property’s price down.
You wouldn’t want to be caught in such value depreciation, thus you should sell your property now.
New Houses are Favored over Existing Homes
If you’re planning to sell your home, you’ll be battling with more and more construction projects in the years to come. People foresee that new houses are better, making existing houses their last choice.
Selling your house this year could give you a good chance of positive results, while the new house construction market is still not that big of a threat.
Unemployment Rate is Growing while Job Availability is Limited
More and more people are going unemployed these past months, plus a limited number of job growth are available around as well. This means a significant decrease in the number of potential real estate buyers, which could further decrease in the following years.
Possibility of Recession
Probably the biggest threat to the real estate industry, experts predict for a recession to happen in 2020. This could lead to the mix-up of most of the factors above, which could lead you to a very small chance of positive results.
All of the factors mentioned above are still inevitable if you’d think of selling your home this year. Connect with your trusted realtor right away, and discuss such matter for more info.
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