In 2019 Millennials made up 37% of the homebuyer market — the largest demographic currently looking for homes.
There is such a demand to provide homes for this millennial demographic that it created a 2020 sellers market for homeowners and real estate agents. A sellers’ market lets the seller keep the price high due to the scarcity of goods.
So, if you’ve been holding out for the right selling market, then it’s time to sell your home. In this article, we’ll explain why it’s a good time to sell your home and help you decide if it’s the right choice for you.
Reasons for Home Selling
The good news is that 2020 is shaping up to be an excellent year for selling your home. But, it might not stay that way for long. Here are some of the top reasons why you should take advantage of this sellers’ market while it lasts.
Large Market of Home Buyers
Remember that home-hungry millennial market from 2019? They haven’t gone away. One study found that nine out of ten millennials want to buy a house.
As such, homes that cater to these first-time and second-time property buyer’s price range will have a much larger chance of getting sold at a good price.
Prospective first-time millennial customers will most likely search for below-median homes. As such, homes that cost less than $275,000 will appeal to a broader section of the market.
If your home doesn’t lend itself to the new millennial market, don’t worry — there are still ways you can sell your home quickly.
Low Mortgage Rates
In 2019 something unexpected happened to mortgage rates. Experts predicted that the rates would continue to rise, but instead, they dropped. Specifically, the 30-year fixed mortgage rate fell.
The 30-year loan is one of the most popular types of home mortgages. Sellers should rejoice when it drops. Throughout 2019 the loan rate encouraged many new loan applicants to buy homes they otherwise wouldn’t be able to afford.
But will the trend continue into 2020?
Experts predict that the mortgage rates will remain low, but may raise but 2 or 3 percent. As such, it’s important to take advantage of these low mortgage rates will you can. There will be fewer buyer options when they rise again.
You Can Make a Lot of Money
The price of homes has nearly doubled in the past decade. While this rapid rise in demand has petered out a bit, it remains stable.
As such, seller’s in 2020 can still make a lot of money off their homes — at or above their market value. However, these large home prices won’t last for long. Many homes had to make price cuts and you will too if you wait long.
Short Listing Times
No one likes spending a long time with a ‘for sale’ sign in their lawn. Often buyers with new jobs for obligations need to sell their home fairly quickly. The longer it’s listed, the more likely you will need to cut the price until you find someone.
Luckily, over the past few years, long listing times haven’t been a problem. There’s been such a demand for new home inventory that bidding wars quickly ensue as soon as a new house goes up.
However, you shouldn’t expect these shortlisting times to last long. Experts predict there will be more home competition in the coming years.
When Should You Take Advantage of the Sellers’ Market?
It can be difficult for some people to recognize the signs that they should sell their home. We listed some important reasons to consider selling fast.
You’ve Outgrown Your Current Property
If you move in with a partner or have kids, then you can’t stay in the same small, cramped house you started in. Upgrading to a larger house is one of the main reasons why people need to sell their homes.
Change in Job or Lifestyle
New jobs in a different city can be both a gift and a curse — they can present new opportunities while requiring you to sell your home. Unfortunately, if you need to move quickly, then you made need to take a price cut on your home.
Divorce also complicates living arrangements. Many couples find that they need to sell their house as soon as possible.
A Loved One Passed Away
When a family member dies they often pass their property on to their kin. Many times it isn’t realistic to keep the property. Sometimes the property causes family disputes or increases property taxes.
Regardless of the reason, many people in this situation sell their inherited property. If you decide you want to put the family house up for sale, then the first thing you need to do is deal with the furniture left behind by the deceased.
Read our guide for clearing out your inherited property so you can sell it.
Financial Problems
If you experience financial problems, then your property represents something you can liquidate.
If you or a loved one experiences a medical emergency or similar unexpected expense, then you may need to sell your property quickly to meet your debts. Selling your home and downsizing can help you pay off any loans or charges you need to make up.
Need to Sell Your Pueblo Home?
As you can see, 2020 will continue the sellers’ market in 2020. However, you shouldn’t expect this to last for long. We’re overdue for a buyers’ market and things could change as quickly as by the end of 2020 if you aren’t quick.
As such, you need to sell houses quickly. If you have a house that you need to get rid of quickly Southern Colorado, then contact me at I Buy Pueblo Houses.
Real estate agents can take months or even years to find a buyer — the sellers’ market won’t last that long. I can give you a cash offer on your home today. If you want to get a cash offer on your Pueblo household today, then visit this link here.