Here are the highlights:
- Your loan officer and real estate agent now have more than six months’ experience selling homes in a pandemic; today, they’re equipped to make the homebuying process safer and easier for you.
- COVID-19 policies and technology recommendations provided by the National Association of REALTORS® (NAR) are enabling homeowners to continue to sell their houses, as agents and lenders also continue to adhere to local and state guidelines.
- Get in touch with a local loan officer to learn how to sell your home safely in today’s competitive market and to discuss affordable loan options.
Should I sell my house right now? Experts say ‘yes’
The real estate market has boomed in the second half of 2020. As housing experts consider the upcoming winter season, their forecast is far from chilly.
NAR’s Chief Economist Lawrence Yun says:
“It will be one of the [hottest] winter sales years ever.”
The historically low mortgage rates seen this year are projected to stay low. But they’re not going to remain as low as they are right now. This may be homebuyers’ last opportunity to lock in record-low rates — and today’s buyers are ready to act.
Take this step to sell your home faster. Prequalify remotely for your new mortgage now.
As Bankrate explains:
“If you’re looking to buy a home… Expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.”
So long as there are low rates, there will be motivated buyers hunting for dream houses.
Yun continues:
“The demand for home buying remains super strong… And we’re still likely to end the year with more homes sold overall in 2020 than in 2019… With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”
There’s only one problem. Currently, there aren’t enough homes for sale. Housing inventory is tight. The experts’ sights are set on homeowners, waiting to see if they’ll list this winter or hold off until spring.
Realtor.com’s Chief Economist Danielle Hale asserts that it’s better for sellers to seize the moment — selling soon and not later. Fall buyers lingered in the market much longer than they typically do. Should this trend continue, Hale anticipates seeing more wintertime buyers too. “So, this winter is likely to be a good time to sell,” she says.
With homebuyers expected to be this active in the months ahead, sellers seeking stronger offers shouldn’t wait to list until spring. Housing experts conclude that this winter’s market may be bigger than ever. Prequalifying for your new mortgage now, before putting your home on the market, could help expedite the process and may make it possible for you to move into your dream home before the new year.
Waiting for a sign to sell? This is it.
Rates have trended down, and home prices are still appreciating – making right now the right time to sell. The lower your rate, the less you’ll pay every month for your new mortgage. Low mortgage rates are also attracting more buyers, so your home is likely to sell sooner. Prequalify now.
*Some text has been adjusted for compliance purposes.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources deemed reliable but not guaranteed.