A lot of economists predict that though buyers currently have some advantages, homeowners are also going to benefit from selling their home in the next year or two. To make use of this, you might want to consider listing and selling your home and avoid any unsustainable levels of price appreciation or an inventory shortage. Here are 4 reasons to sell your home in New York this year.
Rising rental prices
Rental prices are on the rise and this is making a large number of tenants to quickly rush into home ownership. Because of higher rents renting is becoming expensive already making it hard for buyers to save for a down payment. With a rise of over 15% nationwide in the past five years in a large part across the U.S., according to NAR, this forces most of the buyers to go into the market and buy. A high number of buyers in the market, especially first-timers, is a great opportunity for you as a home seller.
The mortgage rates are low, but according to experts, more buyers will enter the market in the coming months. With the higher interest rates, this could prompt buyers to start their house hunt in order to take advantage of lower mortgage rates. The longer they wait to buy, the more expensive it will be so they have to buy. If you sell your home, you will be able to capture the market of buyers in a hurry to close a deal. This is quite beneficial to you as a home seller.
Increasing housing demand
Many people are looking for homes, leaving the ball in the seller’s’ court. Due to low housing supply, if you want to sell your home, then you have greater chances of getting a buyer. Though economists say that the housing sector has continually been affected by low inventory, high mortgage rates, and rising home prices, there is still some hope.
Tight inventory is likely to prop up home prices, which can result in multiple offers for many homeowners. At the same time, the supply is still inadequate to meet demand and there are more buyers than available homes which is keeping some sellers in their homes. This means that there is a need for more construction in the market to ease the pressure, although land is scarce and it isn’t cheap to build.
Fewer cash buyers
All-cash and investment buyers are great for home sales and in the last couple years, while the acceleration of home prices has slowed from its double growth, experts still see a gain for home sellers, especially with fewer cash buyers. This brings a more stable and sustainable housing market in terms of price growth according to some housing economists.
More people also have more money in their pocket. There is also a high record level of consumer confidence which is resulting in a high homebuyer turnout. Fill out the form at Fair Offer where we buy houses New York and get to choose when you want to close.
As many people, young adults are looking at moving from renting to homeownership, it seems like this trend will continue for some time. The rising interest rates and high home prices have forced most of the first-time buyers to take the plunge into buying a home which is great for those looking to sell.