The Covid-19 pandemic upended nearly every part of life throughout the year – but the Seattle-area housing market stayed strong. Low inventory, high buyer demand, and rising prices continued throughout the year, creating a competitive market even through the holidays, which usually marks a slowdown.
Looking into the rest of 2021, experts have said it’s likely the Seattle-area housing market won’t cool down over the next year. Prices will continue to rise, though somewhat slower than they did year over year in 2020. The market will remain competitive, with homes likely continuing to receive multiple offers, especially if interest rates remain low.
As employers adopt more flexible work-from-home policies, people will likely be looking for more space in their homes to have room for a home office and look further out of the city without worrying about their commutes.
Because housing remains in high demand, with not enough homeowners supplying it, and the economic climate is favorable for buyers, now is the time to sell. Keep reading to find out five reasons it’s a good time to sell your Seattle home.
Five Reasons To Sell Your Home
Here are five reasons you should consider selling your Seattle home today.
As mentioned, the demand for housing is unceasing. High demand is increasing home prices. It’s better to sell now before other sellers, and new construction projects hit the market later this year and decrease competition and prices. There are not enough properties on the market compared to the number of shopping buyers.
The record low supply combined with strong demand means home prices are rapidly escalating.
Interest Rates are Expected To Remain Low
Even before the first Covid-19 case, economists and real estate professionals predicted mortgage interest rates would remain, on average, below four percent for the majority of 2020. The pandemic’s impact has lowered interest rates even further and drawn out that prediction into 2021 as well.
The average interest rate as of December 10 was a record low of 2.71 percent for a thirty-year, fixed-rate mortgage. We can expect rising home prices to balance out low-interest rates, at least in part. Though this coming year, interest rates are expected to rise, they will remain low compared to historical averages.
If you’re already mulling over the decision to sell, now’s a perfect time. You won’t have to work so hard to make your property stand out from a sea of listings. Don’t waste any more time worrying about whether you can find a new home after you’ve sold your previous one because additional inventory may start popping up.
You don’t even have to wait for a private buyer to approach you. Companies like I Will Buy House make the home selling process more straightforward because you get full control over when you want to schedule the closing date. Best yet, they pay through cash, which means you can use the funds instantly.
Low Mortgage Rates
While there isn’t much competition among real estate listings, banks and other lenders are coming up with better deals with mortgages. This is probably why refinancing has surged this year. Homeowners who took out a loan last year are having their plans reconsidered because of the low-interest rates.
This implies that many people may think about buying a home in the next few months because of the favorable economic conditions. Grab the opportunity to earn from this phenomenon.
New Generation of Buyers
There’s also a new generation of buyers in the market. Millennials are settling down and building families, which means they will need to find a place to settle down in. Putting your home for sale can earn you substantial profit, primarily when you’ve properly maintained your property’s value.
Another form of buyers comes as entities who purchase properties in cold, hard cash. Like I Will Buy House, this type of home buyer is great for selling because they provide fair offers for your house without the complexities involved in dealing with banks and other corporate lenders.
Looking For A Smooth Sale? Sell To Homebuyers
Now could be the time to sell your Seattle home. But, you’ll still be facing the long, taxing, and costly process of selling your home the traditional way. As briefly mentioned, homebuyers can offer a fast, effective, and straightforward way of selling your home.
These are the advantages of selling to home buyers:
- Quick closing: This type of organization’s primary benefit is that you get the money within a shorter period than when you transact with other financial entities. You get the liberty to choose your preferred closing date to ensure that you’re ready to move out when need be.
- Cash offer: These companies are known for paying through cash, which is ideal if you need the funds for emergencies or other urgent situations.
- No repairs: You avoid expenses for repairs and staging your home because you can sell it to cash home buyers. They evaluate the current state of your home and give you a fair price for the property.
Work With Your Local Seattle Homebuyers
At I Will Buy House, we buy houses in Seattle, and we strive to educate homeowners so they can make the best-informed decision that suits their needs and their unique situation. We believe knowledge is power and we are happy to share it with all the sellers we work with. Sell a house in Seattle with the experts at I Will Buy House.