Selling your house during 2020 might seem like a far fetched dream. As a result of the stay at home order, sellers may be questioning whether putting their house on the market is a good idea and would they make top dollar on their home. The market has not significantly collapsed and there is no evidence implementing this is a bad time to sell your house. If you are looking to sell your house, here are some reasons why it might be right for you!
First of all, There has been no change in the number of houses on the market. An insignificant change in the market dropped 87% to 69%, having little impact on the housing market, according to 2020 Housing Market Forecast. People are still looking to buy a house and buyers are interested in taking advantage of the low interest rates.
If you are in the best financial situation and can afford your next house, this is the perfect time to sell your house. According to Thorsby, It is a great time to sell your house if you have a starter home, can't afford your home anymore or want to take advantage of the low interest rates. If buyers are still getting mortgages and buying homes, it might be the right time to sell your house in 2020!
Looking back on the 2008 Recession, housing took a major collapse. We can't help but wonder if 2020 is going to take the same hit. According to How coronavirus is impacting the housing market, recessions normally have only a minor effect on the housing market. Real estate has not seen any negative effects due to COVID-19. Opening up seems to be sooner than later, and there is no evidence to suggest a housing crisis is going to be among us.
Home values have not changed... significantly. According to 2020 Real Estate Trends: What You Need to Know, home prices are supposed to go up by 2.8%. With record high home values over the last couple years, 2020 won't be anything special. However, that doesn't mean sellers won't be getting a profit!
2020 Housing Market Forecast: What to Expect. (2020, April 27). Retrieved May 14, 2020, from https://www.daveramsey.com/blog/housing-market-forecast
2020 Real Estate Trends: What You Need to Know. (2020, March 31). Retrieved May 14, 2020, from https://www.daveramsey.com/blog/real-estate-trends
Andrews, J. (2020, March 6). How coronavirus is impacting the housing market. Retrieved May 14, 2020, from https://www.curbed.com/2020/3/6/21163523/coronavirus-economic-impact-housing-market
Thorsby, D. (2020, April 28). Why You Should (and Shouldn't) Sell Your Home in 2020. Retrieved May 14, 2020, from https://realestate.usnews.com/real-estate/articles/why-you-should-sell-your-home