The events of 2020 have caused many buyers and sellers to press pause on their real estate journeys. However, moving right now may be a smart financial decision, especially if you want to make the most of your home’s equity or take advantage of low mortgage rates.
Want to Buy or Sell? Here’s Why You Shouldn’t Wait!
Back in March, experts predicted that the coronavirus pandemic would cause a real estate shutdown akin to what we saw in 2008. However, to everyone’s surprise, the market didn’t crash at all—it actually strengthened.
After a brief slowdown in home sales, buyers and sellers are finally starting to come out of the woodwork once again. But understandably, some are still apprehensive over the economy and the lasting effects of COVID-19. If you’re on the fence about making a move right now, here are some advantages to consider.
Sellers: Low inventory
For the last few years, buyer demand has far outpaced available housing inventory across the nation. Here in Dallas, it’s not uncommon to see homes fly off the market just hours after they’re listed.
Due to the global pandemic, there are even fewer properties for sale than ever before. If you decide to list right now, you can take advantage of less competition and potentially get more for your home, especially if you live in popular suburbs like Frisco or Plano.
Buyers: Mortgage rates have reached record lows
You’ve probably heard that mortgage rates have reached record lows over the past few months. This is fantastic news for anyone looking to buy a home, and low rates can actually save you thousands of dollars over the lifespan of your loan.
As of late August, the average 30-year fixed mortgage comes with a rate of around 2.69%, while 15-year fixed loans have dropped to just 2.4%. To put that into perspective, rates typically hovered around 4% in the 2010s and 6% in the 2000s! While these numbers aren’t expected to increase soon, buying now is the best way to lock in a low rate.
Sellers: Demand has skyrocketed
After a slow start to the year, many home-seekers have resumed their search for the perfect place. And when demand exceeds supply, prices tend to rise. In fact, home prices in the Dallas area have increased by almost 2% this past year, and some buyers are even willing to pay above asking price to win a bidding war.
If you’re looking to cash out on your equity and move fast, there’s never been a better time to list! Before you take the plunge, though, you may want to check your home value’s with a local agent—just ask us how we can help!
Buyers: Prices could continue to increase
While it may be difficult to project where home prices could go over the next few years, current trends seem to suggest that they’ll keep climbing. So if you already have a down payment saved up, you may want to make a move sooner rather than later!
And remember—while it may be tempting to wait until home prices decrease, it’s almost impossible to time your purchase with the “bottom” of the market. If you have any questions about home prices in the Dallas area, be sure to contact your local agent to chat about current trends.
Buy or Sell with Glazer’s Realtors
Whether you’re gearing up to buy a home or sell your current one, you can trust Glazer’s Realtors to help you navigate the process. We have plenty of resources to help you out, so just give us a call today to get started!