As most of us know that the housing market is cyclical. Currently home prices are rising but home sales are down. If you have been recently thinking about selling your house, then 2019 might be the right year for you to sell. As no one has a crystal ball but it appears we are near the end of the 10-year cycle. The Federal Reserve is expected to raise rates .5% in the coming year.
Towards the middle of 2018, home sales began to slow, this has caused houses to sit on the market longer. I’m also receiving multiple price reductions from Zillow on homes that I’ve saved. We are still at historically low interest rates. The economy is still strong, and unemployment is near its lowest levels.
If your considering selling in a year or 2, you may want to start thinking, If I should sell my home now. Even though millennials are renting at a very high rate, you can still get your house sold a good price. They are also the highest percent of home buyers in the market. We are in the winter time and springs is around the corner. The end of spring is historically the best time to sell. Home buyers who have families like to move in the summer time, so school isn’t affected.
You shouldn’t expect to sell your house as quickly if you have a higher end property. Home buyers are looking to be very cautious with what they buy right now. They been spoiled by the low rates over the years. They are also worried about another housing crash. Even though houses aren’t selling as fast as they did last year, they are still a lot of active buyers.
Unless you bought your house in the last housing bubble or in the last couple of years, then you probably have gained some good equality in your house. It’s best to sell now, instead of waiting until 2020. Zillow recently released an article with research dictating another recession in 2020. Weather you believe this or not, it will cause some potential home buyers to stay on the side line.
Home buyers are looking for the lower priced homes to still be up to date. If possible, you want to have an open floor look, bathroom and kitchen remodeled. Home remodeling spending is near an all time high. You have home buyers that are coming from apartments that are updated. They have also been watching their favorite HGTV shows. If you’re looking to sell your house fast, there are also cash buyers who can close within weeks. They also will buy your house as is. Depending on your situation, this may be an option.
Whatever decision you make, note that we may be at the top of the cycle. Do hesitate to at least put your house on the market to see if and what offers you’ll receive. Pay attention to the guidance the fed makes when talking about interest rates. If needed, seek professional assistance.