The weather may be cold but the market in Philadelphia and the surrounding Philadelphia suburbs continues to heat up as mortgage rates drop and new buyers hit the market (Now can we all stop picking on the millennials?). With Spring (the most popular time to list a house) right around the corner, now is the time to start thinking about listing!
Don’t believe us? Here are 7 reasons to list your home in 2020.
Mortgage rates are good right now. The average interest rate for a 30-year fixed mortgage was 3.72% on Jan 2, so it’s a great time to buy. People wary of locking into a purchase as large as a home are now positioned to buy as they can guarantee a lower monthly payment at these rates, and everyone wants to get in before they go up again.
Mortgage rates are good! Heard that before? That also means it’s a great time for you to sell your house and get into a new one at a great, low rate. Whether you are looking to move into a more permanent forever home that fits a growing family, or to downsize (or maybe buy that vacation home you’ve always had an eye on?) now is the time.
Demand is high, supply is low. Know what that means? Your house will be in high demand. Simple. More people looking at fewer houses means you are in higher demand. If you list before the Spring rush, supply is even lower and therefore… you get the gist.
2020 is predicted to be a good year for mortgage rates and sale prices. I think we can all agree that selling in a predictable year is better than waiting for one that is unpredictable. And, unfortunately, many are predicting a recession in 2021.
People are entering the market now due to low-interest rates and affordability. More buyers mean more possibilities to sell. Boom. Again, this is the “demand is high” thing. Jump on board now while it’s going well.
And speaking of new buyers, historically people tend to buy their first homes around the age of thirty. Younger millennials are hitting that age in droves and are readying to take the plunge into home buying. Older millennials are now at the age where they are ready to trade up from their starter homes to buy something bigger. Can we finally get a high five for the poor millennials?
New construction is making a comeback with builders willing to take the risk again. So? So, there will be more competition as more houses are built. Sell now and beat the shiny new guys down the block. All new everything is hard to resist and hard to compete with no matter how lovely a home one has. Better to put your home’s best foot forward before and hit the market before they do.
Do you have questions about buying or selling a home in the Philadelphia area? We can help you find the answers you’re looking for. Get in touch!