A market with low inventory offers a slight upper hand to sellers who choose to list during this time. Read on to learn about the advantages of listing sooner than later. Your home is more likely to stand out with less comparables. With less competition in the neighborhood, your property’s highlights will be easily noticed.
New buyers are still entering the market. Even with rising interest rates, serious buyers are still purchasing homes. You have high equity. For homeowners who bought during or shortly after the recession, benefited from historically low interest rates up until 2015ish. Their homes’ equity has increased with each mortgage payment or renovation they’ve completed. The higher your home’s equity, the more you net from the sale, which can go towards future home purchases.
Interest rates are still comparably low. Although Mortgage interest rates are rising, they still remain lower than the historic high of 18% in the 80’s. It’s important to remember that although mortgage rates often mirror the Fed’s interest rates, mortgagees are based on the current market, your financial status and the individual home you’re looking to buy.
Selling in 2019 vs. 2020. If it comes down to sooner or later, real estate experts are encouraging for sooner. Half of stats say the next recession will occur in 2020, while 14% believe it will hold and occur in 2021. Regardless if you believe we are on the verge of a recession, or it’s years and years from now, current real estate patterns show a rise in prices is unlikely in the close future.
If you are interested in Manzanita Real Estate or Surrounding areas. Please feel welcome to reach out.
Tosha Reinmiller
Principal Broker
Living Room Realty – Manzanita
(541) 231-5829
tosha@livingroomre.com