Despite everything going on around the world, the beginning of 2021 is already bringing an incredibly strong real estate market to the table. To get you motivated and make your 2021 moving goals a reality, here are 5 reasons why you need to sell your house now in Riverside instead of waiting.
The real estate market in 2020 was off to an amazing start before COVID-19 put the brakes on everything for a period of time.
Now that we have a better understanding of best practices and new norms under the effects of COVID-19, buyer confidence has increased again.
But, as we are going through the winter months and continuing to deal with COVID-19, sellers aren’t lining up as they usually would. With the drought of properties on the market, now is a spectacular time to make an impact by filling the low home inventory void in your local housing market.
Interest Rates Remain Favorable
By far the largest point of assistance the real estate market received in 2020 was the Federal Reserve’s decision to cut interest rates, and then consistently maintain that stance all the way into 2021.
This choice gave a motivating shot in the arm to owners and potential buyers to participate in the market altogether, rather than shy away. Some owners are choosing to refinance rather than go searching for a new home, but these reduced interest rates are also making it easier for buyers to get a better deal, and they’re looking to take advantage of that fact.
Demand Is up
With the low home inventory also comes the second part of the equation: demand is already high, and growing.
COVID-19 made people rethink their living spaces, and what buyers are seeking in a home has changed to include the possibility of needing to work from home and be available to their kids throughout the day.
A block of homebuyers that started to come out in droves in 2020 was Millennials. The estimation for this growth in interest is that Millennials have generally been less affected by employment issues during the pandemic because of the importance and strength of the service industry.
In many cases, these individuals in their mid-20s and 30s are shopping around to purchase a starter home, and therefore the demand for these choice homes has rocketed to the top of the heap.
Beat the Rush
Winter is not usually the ideal time to put a home up for sale, but 2021 could be an exception to that rule.
The lockdowns and stay-at-home orders of 2020 had a dampening effect on homebuyer’s persistence, and they are eager to get back out there to find their dream home. Getting ready to sell your house now means being a step ahead of anyone who was planning to do the same come warmer weather.
The extenuating circumstances of the past year have created a unique opportunity for sellers to rapidly generate buyer interest before other properties are even prepared to hit the market.
Give Yourself Time
Most sellers don’t plan things out far enough in advance and spend most of their time on the market catching up.
By getting the process started now, you’re giving yourself some breathing room to both prepare for sale and throughout the showing and negotiation processes.
Keep in mind that the typical considerations potential buyers will have for how long a property has been on the market are a bit blurred at this time because they will have to remember that COVID-19 has markedly slowed real estate markets everywhere.