Why Now May Be The Time To Sell

Dated: March 2 2020

Views: 79

Thinking of Selling? Now May Be the Time. | MyKCM

The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. The average 30-year rate in 2019, according to Freddie Mac, was 3.94%. Today that rate is closer to 3.5%.

The Census Bureau also just reported the highest homeownership rate since 2014 for people under 35. This is evidence that owning their own home is becoming more important to Millennials as they reach the age where marriage and children are part of their lives.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is strong. That’s not the case, however, with seller demand, which remains weak throughout most of the nation. Here’s a breakdown by state:Thinking of Selling? Now May Be the Time. | MyKCMDemand for housing is high, but supply is extremely low. NAR also just reported that the actual number of homes currently for sale stands at 1.42 million, which is one of the lowest totals in almost three decades. Additionally, the ratio of homes for sale to the number purchased currently stands at 3.1 months of inventory. In a normal market, that number would be nearly double that at 6.0 months of inventory.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, buyers must be ready to act immediately once they find the right home.

Sellers may not want to wait until spring to put their houses on the market. With demand so high and supply so low, now is the perfect time to sell your house for the greatest dollar value and the least hassle.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

Blog author image

Sheri Edwards

I am a Texas Native that is happy to be back in God's country after 8 years out of state. I have three boys, an amazing husband, and two crazy golden doodles. My passion is making a difference in th....

Latest Blog Posts

Two Impacts of Home Equity

Equity continues to rise, helping American homeowners secure a much more stable financial future. According to the most recent data from CoreLogic, the average homeowner gained $9,800 

Read More

Are You Prepared For a Bidding War [INFOGRAPHIC]

Some HighlightsWith so few houses available on the market today, being ready for a bidding war is essential for prospective homebuyers.From pre-approval to making your best offer, here are three

Read More

Do You Need to Know More about Forbearance and Mortgage Relief Options???

Do You Need to Know More about Forbearance and Mortgage Relief Options?Earlier this year when the nation pressed pause on the economy and unemployment rates jumped up significantly, many homeowners

Read More

5 Secrets Buyers and Sellers Must Know About Virtual Home Tours!

For years now, virtual home tours have helped real estate buyers far and wide find the perfect home. From long-distance military personnel being relocated to investors expanding their portfolio to

Read More