Many homeowners made the decision to sell during the COVID-19 Pandemic. Some reasons were to move to more rural and suburban areas or make fast money or downgrade after job loss. Health and safety concerns, economic distress, and navigating the real estate market have been taken into consideration when choosing to sell this past year. However, the housing market has not been affected by this downfall whatsoever. Inventory has been low for the millions of people looking to buy a home, but fortunately, that’s what has made it a seller’s market.
So why is 2021 the right time to sell your home?
Despite all the concerns the pandemic has caused, it is the right time to sell. If it is considered a seller’s market, the demand for homes is high and exceeds the current supply of homes available. Homes will sell faster and competition between the buyers will cause the rise in asking price. These market conditions make it a perfect time to sell your home.
Mortgage rates have also been historically low, and many people are looking to both buy and sell property during this time. It is one of the greatest advantages in the market for those selling and then buying a new home. The lowest rates earlier this year were at 2.65%, states an article from Next Advisor at Time Magazine. Next Advisor interviewed Lawrence Yun, the Chief Economist of National Association of Realtors, and he believes that the mortgage rates for 2021 will remain stable and be “historically favorable.”
Don’t miss out on this opportunity
As we head into June and July for the summer, we are entering into a new season of the housing market. Spring and summer have traditionally been the best times to sell your home. With the break of winter and beautifully landscaped yards and/or bustling city sidewalks, a lot of people are taking a peek at the housing market. Health and safety concerns have diminished this past year, with many COVID-19 regulations in place for viewing homes, and with the hard hit of the economy, the Housing market is staying strong.
It all points to the right time:
- Low mortgage rates
- Seller’s Market during Pandemic
- Best season historically to sell your home
If you decide that the time is right for you
Look into selling your home fast. You can bypass any pandemic regulations for viewings in your home and possibly secure a low mortgage rate for your next property. If you contact Sell Fast Boston, we can walk you through the procedure. There is no need to do any maintenance, or seasonal updates for us. We will buy houses in any condition as long as they meet our own criteria. It takes a few minutes to discuss, and less than one week to close. We are available to answer any questions or concerns you may have regarding selling your home during this time.