But relatively speaking, 2020 might be the best time to put your house on the market. Especially if you're on the fence about selling this year or next, it may be better to sell in an environment that's more predictable, rather than wait for time to pass and circumstances to change.
The 2020 Elections May Push Buyer Demand Even Higher in 2021
The 2020 presidential election will likely cause a seller's market in 2021. ... It is a common trend that was witnessed in the US real estate market in past election years. After an election, however, buyer confidence tends to rise again.
US Housing Market 2020 Trends
Mortgage rates are at historic lows, tempting buyers to take the step. Home price predictions project a fall by between 1.3% and 1.8% from now through 2021. So it may be best to sell now rather than hold off for later in the year.
Generally, the best time to sell a home to maximize return and minimize time on the market is May 1 to May 15. Homes sold in the first half of May sell six days faster and for $1,600 more than the average listing.
This is a common question people are asking now that our real estate markets are up and running again. A new report released from ANZ Bank predicts house prices at the national level will rise to a strong 17% through 2021, before slowing to 6% in 2022.
The upside of buying a home in 2021
Mortgage rates were close to historic lows at the start of the year. They stayed that way for much of January and into the first part of February. ... If the Fed keeps interest rates low, there's a good chance mortgage rates will stay low for at least another year, if not longer.
Demand among buyers remains strong today, as we move into the spring of 2021. ... We expect to see less demand among home buyers in 2022, and for a number of reasons. For one thing, mortgage rates are widely expected to be higher next year than they are right now.
Knight Frank expects house prices in Greater London to rise four per cent in 2021, with a cumulative increase of 18 per cent by 2025. ... Looking at the next five years, the estate agent said London house prices would grow by 12.6 per cent, compared to 21.1 per cent in the UK as a whole.
Energy Efficiencies
With a growing interest for protecting nature and the environment, now in 2020 more home buyers are looking for energy-efficient homes. Homes that are energy-efficient also help limit the utility bills and saving money in the long term is another aspect that matters when buying a home.
Selling and Renting Means You'll No Longer Own an Appreciating Asset. When you're paying off a mortgage, you're investing the bulk of your monthly housing costs into an asset that you own. When you rent, all of that money goes into someone else's pocket. ... However, sometimes renting is the most cost effective way to go.
Think about your home sale proceeds in 3 financial buckets
“We're not going to see a crash in the housing market, but we are expecting some cooling on the really unsustainable growth rates that we saw, particularly in 2020,” said Robert Dietz, chief economist at the National Association of Home Builders.
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