A report published this past week by MSN looks at the top reasons to sell your home in 2019. This report analyzes trends that will not continue throughout this year, as well as trends that will begin to pick up. We picked the 4 trends that are most applicable to the Utah market. Feel free to read up on the entire article here.
New Buyers Are Still Entering the Market
“The bottom line: While houses may sit on the market for a few more days on average compared with 2017 when the market was white-hot, buyers remain active and it’s still possible to profit from your home sale.”
Interest Rates Are Still Low-ish
“A sudden leap in mortgage interest rates is unlikely in 2019, though Pataky notes that you should be ready to see rates continue to climb. “We do expect over the next 12 months that mortgage rates will continue to drift higher,” he says.
“If you’re looking to get the lowest interest rate possible on your next house, try to make a deal sooner rather than later.”
You Have High Equity
“Homeowners who bought during the recession or shortly after benefitted from historically low interest rates and, up until around 2015, lower home prices that were still in recovery mode. If you fall into that category, your home equity has risen with nearly every mortgage payment, each renovation you made to the house and all the other houses on the block that sold for a higher price.”
Selling in 2019 vs. 2020
“If not selling your home in 2019 means putting your house on the market in 2020, the sooner option is the best one. In a survey of 100 U.S. real estate experts and economistsby real estate information company Zillow, released in May, almost half expect the next recession to occur in 2020. Another 14 percent believe the recession will hold out until 2021, while 24 percent of panelists expect the recession earlier – sometime in 2019.”
Courtesy of MSN