As a homeowner headed into 2019, you may have noticed that real estate trends have been nothing but good for a while now. In fact, we’re in the midst of the third largest housing boom since 1913, with U.S. property values rising 53 percent on average since the start of the expansion in February 2012. That means a typical house worth $200,000 only six years ago is now worth $300,000.
Few people are predicting that 2019 will be a record-breaking year for home prices. But relatively speaking, 2019 might be the best time for you to put your house on the market, especially if you’re on the fence about selling this year or next.
Home price growth slowed in the second half of 2018, with fewer buyers entering the market, at least partially due to rising interest rates issued by the Federal Reserve. In 2019, consumers shouldn’t expect homebuyers to flood the market again and drive prices through the roof, but it’s also unlikely to be a crisis for home sellers either.
If you bought your house in the last year or two, still love it and don’t want to part with it, go ahead and wait another five years before revisiting the thought of selling. But if you’re weighing your options to sell, considering selling this year or maybe the year after–don’t play the waiting game.
Here are four reasons to sell your house in 2019:
● New buyers are still entering the market.
● Interest rates are still on the lower end.
● You have high equity.
● Selling now will be better than waiting until 2020.
The biggest wave of new homebuyers will be among millennials, who are mostly first-time buyers. Even with available housing inventory remaining low, even with rising interest rates, buyers who are ready to make a purchase will still shop for homes.
Your home equity has risen with nearly every mortgage payment, each renovation you made to the house and all the other houses on the block that sold for a higher price. The higher your equity in your home, the more you net from the sale, which can easily go toward the down payment on your next house. The larger your down payment, the better you look to lenders and the lower your interest rate will be, and the less likely you’ll need to increase monthly payments with private mortgage insurance.
2019 will remain a seller’s market, but judging by the housing predictions for the coming year, it won’t last forever. If selling your home has been on your radar and it’s the right financial move, take advantage of the low interest rates and high property values now.
In California, Arizona, Michigan, Nevada, Florida, Georgia and Texas, we have a team of amazing agents who go above and beyond for are clients, the hands-on approach we take with every client and deal that we handle, is second to none. Jason Mitchell has built a system that makes the home buying or selling process for client and agents seamless. Having incredible partners, technology, and leadership is an essential aspect needed when you decide to buy or sell a home. —Thomas Girard, 6193.72.1636, firstname.lastname@example.org.