Why You Should Sell Your Home in 2019

Could the new year ahead be the year for home sellers? While not many experts are predicting record-shattering prices, 2019 could still be an excellent time to put your home on the market.

Here’s why:

1.) New Buyers Entering The Market

While it won’t be uncommon to see periodic drops in buyer activity — especially since mortgage rates have been poised to increase — but make no mistake, buyers who are ready to make a purchase will come out. New buyers are beginning to enter the market at a more determined pace, and with home prices leveling off throughout much of the country, buyers shopping in lower price points are likely to be more common in 2019.

2.) Millennials Are Looking for Homes

According to a recent article from U.S. News, the biggest wave of new buyers will be millennials, who are mostly comprised of first-time buyers. A Harris Poll survey of 2,000 U.S. adults commissioned by real estate company Trulia, found that more than one-fifth of Americans between 18 and 34 said they plan to buy a home within the next 12 months. According to the National Association of Realtors (NAR), millennials make up the largest share of home buyers at 36 percent.

3.) Interest Rates Still Fairly Low

There’s been talk for a while about mortgage rates rising in 2019. We’ve already seen some slight increases across the nation, reaching 4.87 percent in November for a 30 year fixed rate mortgage, according to data from Freddie Mac. Still, this remains far lower than rates we’ve seen in years past and is significantly below the historic high of more than 18 percent in 1981.

Remember, mortgage rates can change frequently and the rate you may qualify for will depend on several factors, including your own financial status, the type of mortgage you’re applying for, your credit score, and the property you’re trying to purchase.

4.) You Probably Have High Equity

Homeowners who purchased their property during the recession or shortly after were able to take advantage of very low mortgage rates. Until around 2015, home prices remained low as well. However, as home values have gone up, these homeowners have benefitted from significant boosts in home equity. If you’ve made improvements to your home, or if similar homes in your neighborhood sold for higher prices, you’ve likely seen event greater jumps in equity.

The higher your equity, the more likely you are to sell your home for a sizable profit. Equity is the difference between your home’s current market value and how much you currently owe on its mortgage. For example, let’s say your home is currently worth $200,000 in today’s market. And let’s say you bought your home for $150,000 and put 20% down ($30,000). That means your mortgage would’ve probably been around $120,000. And let’s say you’ve paid your mortgage down to the point where you now only owe $50,000. If you were to sell your home for it’s current market value ($200,000), that’s a profit of $150,000. Of course this is a highly generalized example for illustrative purposes only. Your own scenario may be very different.

If you’re curious about your home’s market value or your current equity status, speak with a qualified real estate professional.

5.) 2019 May Be Better Than 2020

If you’re on the fence about selling your home this year or waiting until next year, it may be better to list it in 2019. A Zillow survey of 100 U.S. real estate experts and economists released in May found that nearly half of respondents expect the next recession to occur in 2020. Another 14 percent believe it will start a year later in 2021. Twenty-four percent said they think the recession could start earlier, sometime in 2019.

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