Are you considering listing your property? See how demand and mortgage rates can influence your decision. (iStock)
Having a home can pique your curiosity when you hear that it’s a seller’s market. The limited supply of homes on the market has given sellers for months because buyers have historically wanted to capture low mortgage rates.
But is that still the case? In January, Fannie Mae released a study on consumer confidence in the housing market in which it was found that consumers have adopted an increasingly pessimistic view of the buying and selling conditions of homes amid the ongoing pandemic related uncertainty.
The percentage of respondents who say it’s a good time to sell a home has actually decreased from 59% to 50%, while those who believe it’s a bad time to sell have dropped from 33% to 42%. % increased. This drop in sales, the first since April, suggests that potential sellers may be waiting to list their homes.
As homeowners erode COVID, the stock can sharpen further, providing the opportunity to get the best dollar for your property. Visit Credible to contact experienced loan officers and get your mortgage loan questions answered.
Is Now the Right Time to Sell Your Home?
Are you considering selling your home? It may still be the right time. As sales of existing homes reached their highest level since 2006 in 2020, prices followed. The National Association of Realtors (NAR) reported that the average selling price of existing homes in December was $ 309,800, up 12.9% from a year earlier. With prices rising, homeowners are wondering if this is the right time to move.
Tania Isacoff Friedland of Warburg Realty believes it is.
“Over the past few weeks, I have offered both buyers and sellers in various wars,” she said. “There are motivated buyers who are eager to buy.”
Whether you want to buy a new home or refinance your existing mortgage, use the online marketplace Credible to reduce the numbers. Add simple information to Credible’s free tools to see which mortgage rates you are eligible for.
Real estate agent Michael J. Franco of Compass Real Estate agrees.
“There is a shortage of stock in many markets, which makes it a good time to sell because you have a limited supply, and demand still exists,” he said.
While this may be the best time to sell your home, first determine where you will be living. Remember, the same limited offer that increases your home’s desirability can affect your new home search.
Whether you’re planning a move or are ready to refinance, use Credible to browse mortgage lending and compare loan rates without affecting your credit score.
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How can I add value to my home?
If you decide to wait before selling your home, you can look for ways to add value to your home.
Homebuyers are interested in the list of photos and want to make sure the selling price is right. Upgrades that are considered capital improvements are tax deductible. Not to be confused with repairs, capital improvements, as defined by the Internal Revenue Service (IRS), are permanent improvements to a structure or property that enhance the features, extend or extend the life of the building.
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Are home improvements worth the investment?
Home improvements can be worth it if you want to attract a potential buyer. Find out if your home is in a marketable condition before uploading list photos. A few adjustments here and there can lead to price growth and help you sell your home quickly.
“Upgrading the kitchen and bathrooms can make a significant difference in giving you the highest price when you go on sale,” said Isacoff Friedland.
Installing new windows or exterior doors increases the value of your home while making your time there more comfortable.
Are you interested in renovations? Visit Credible to compare personal loan rates and find a money lender to finance your next home project.
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How To Take Advantage Of Today’s Mortgage Interest Rates
If you are considering selling, now may be the time.
Amid the coronavirus pandemic, the mortgage rate has dropped to historic lows. While rates were higher in January, the Federal Reserve announced that it intends to keep the long-term lending rate indefinitely low. Since the recession in 2008, mortgage rates have barely risen above 5 percent, and the NAR expects rates to average 3.1% for 2021, up from 3% in 2020.
“Mortgage rates are now slightly higher than when they reached a low last summer,” said Melissa Cohn, an executive mortgage banker at William Raveis Mortgage. ‘The Democratic Senate and the release of COVID vaccines are the main reasons why rates are rising. Mortgage rates are likely to hang for a few months where they are now, as the pandemic continues to devastate the economy. ‘
“The only way is to get a new mortgage,” Cohn said. “If you already have your home, it’s time to look at refinancing. Refinancing rates are not quite as low as mortgage rates. But for a homeowner with good creditworthiness and a decent value loan – usually where the mortgage is less than 75% of the value of the home – you can definitely lock in a rate of less than 3%. Or even today almost 2.50%. ”
Use an online calculator to estimate your new monthly payments. You can also compare mortgage rates and lenders using Credible’s free tools.
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