Selling a property is a major decision one has to make. You need to consider a lot of things to make sure you’re making smart decisions. Plus, the timing should be right to make the most of your home’s value.
In 2020, people have spent most of their time at home, and businesses closed down. This forces the housing market activity to drop. As the new year starts, things get slightly better. But is it time for you to sell your home?
Should You Sell Your Home in 2021?
Real Estate experts predict that sales are likely to grow by seven percent and expect the prices to rise 5.7 percent in 2021. Despite the health crisis the world is facing, people in the US are still eager to move. The supply of houses on the market is not enough for the growing demand, driving the price growth.
Selling your home now allows you to take advantage of the increasing prices. Your home is likely to sell quickly in the current market, as well. Buyers can purchase your home for the selling price or higher. Getting multiple offers can also be possible.
Mortgage interest rates would remain low in 2021. In 2020, the annual average of 15-year fixed-rate mortgages dropped to 2.61 from 3.39 of the previous year. Low mortgage interest rates motivate buyers to purchase a home sooner. Don’t wait for the interest rates to go up again. Otherwise, your home will be on the market longer.
Since the current market favors the sellers, listing your home now can make it harder for you to buy a new home. The demand is high but the supply is scarce. Expect a tough competition. You can’t simply buy an available house. Make sure to find a place better than what you have now.
Preparing Your Home for the Market
If you decide to sell your home this year, spring and summer are an ideal time. As early as mid-winter, start preparing your home, from hiring a snow removal service to clean your pavements to cleaning the interior.
Here are four things you can do to make sure that your home is ready to go to the market:
1. Start Decluttering Your Home
Over the years you’ve been living in your home, you probably have collected a variety of items that have an emotional attachment or you intend to pass on to others. While you can keep some of them, there are certain things you need to let go of. If possible, donating certain items is a useful way of discarding them.
It’s also best to remove books from bookcases and the things on your kitchen counters. Store the items you use every day in small boxes and place them in a cabinet when not in use. This is a way to help you to start packing.
2. Improve Your Landscaping
The lawn of your home is the first thing buyers will see when they go over to check out the property. Make it divine for a positive first impression. Poorly maintained curb appeal can turn off potential buyers.
Before listing your home, make the exteriors of your home appealing. Take time to prune the bushes, mow the lawn, and weed the garden. You can also repaint your front door if necessary and replace broken parts. If you have no time to do all these things, hire a professional to help you enhance your home’s curb appeal.
3. Make Necessary Repairs
When selling a house, you should not only focus on improving the outside. A well-maintained interior can also help sell the property faster. Inspect your home to see if there are problems that you need to repair, such as holes in the walls, cracked floor, and leaky faucets.
Repainting the walls can also improve the overall appeal of your home. Changing them to neutral colors makes it more attractive to a wide variety of buyers. Bold colors are memorable but these memories are often not favorable to sellers.
4. Depersonalize Your Home
While preparing your home for a sale, make sure to remove any personal items, including photographs and heirlooms. These items can distract potential buyers. Let the buyers imagine themselves living in your home and decorating it with their items. Presenting buyers with a clean environment helps them visualize how they want the place to look like.
Selling a home is a tedious process. It can be physically and emotionally draining. Selling your home this year can be a smart move. Do your homework and learn how you can maximize the value of your home, especially in this market.