4 Reasons You Should Probably Sell Your Home In 2021
There can be no doubt that 2020 has been an unusual year for Americans. It's been complex adjusting to the ongoing COVID-19 pandemic, the shaky job market, and other lagging economic indicators. During this unusual time, many people have delayed their plans to sell their homes. It's only natural for people to avoid major shifts during times of personal uncertainty. However, quite a few economic experts believe 2021 might be a great time to sell. It can be instructive to explore some of the four main reasons you should sell your home in 2021.
1. High Demand For homes
As the COVID-19 vaccine rolls out nationwide, it should become easier than ever to go through the necessary steps for finding a buyer. For example, the time is now to begin thinking about open houses. Over the course of summer 2020, home buyer demand rebounded in a major way. Even as early as May 2020, the National Association of Realtors (NAR) reported the largest month-over-month increase in home sales since 2001.
Currently, home demand is highest in small cities and suburbs. The growth of remote working has made suburban living more practical than ever before. However, home buying may well accelerate nationwide as the pandemic subsides. As Americans return to more normal habits, they will increasingly seek new homes and new opportunities.
2. Low Housing Supply
Amidst the growing glut of home buyers, the number of homes available for purchase is remarkably low. According to economist Lawrence Yun, home buyers were facing a supply shortage as early as 2019. As soon as the coronavirus pandemic developed, this demand shortage only intensified. In June 2020, housing inventory was 26 percent lower compared to the same month in 2019. This inventory shortage has a lot to do with the fact that Americans are living in their houses longer than ever. Bucking venerable trends, modern Americans are staying in each home for 13 years on average. Though some economists have bemoaned this decreased mobility, it has had some salutary effects for home sellers.
All of the aforementioned trends have contributed to high home prices. Initially, some analysts thought that the pandemic would cause home prices to collapse. None of these dire predictions were borne out by events. If you sell your home in 2021, you can potentially make an incredible profit.
3. Excellent Interest Rates For Buyers
When it comes to interest rates, this couldn't be a more promising time for the real estate market. Last July, Freddie Mac reported that median interest rates were at a record low of 3.07 percent. Historically low-interest rates should continue to inspire homebuyers through 2021 and beyond.
4. More People Will Buy As The Economy Recovers
In the upcoming six months, it is likely that the economic recovery will continue steadily. As unemployment drops and consumer spending rises, this should inspire more and more people to purchase homes. While the pandemic may be winding down, it's likely 2020 has permanently changed how Americans live and work. Consequently, it is almost certain that selling your home should remain quite practicable throughout 2021.