Selling your home is never an easy decision to make. With the memories you have built in your home throughout the years, it can be hard to let go and move into another house. You are accustomed to your neighborhood, and you feel comfortable in your home. Why would you want to sell it this 2020?
According to reports, one can expect the housing market to benefit sellers more than their homebuyer counterparts. As the value of homes continues to rise, you can use this opportunity to sell your house for a good price and buy a new one. But why let go of the house you’ve been calling home for many years now in exchange for a new one in 2020? We’ve gathered the best reasons that might change your mind.
You get to move to a better house that can cater to your needs
Homeowners have varying reasons when moving homes. Some need to move because of their jobs, while others need to downsize their spending. Some need to move due to security issues, while others have homes that can no longer accommodate spatial needs. When renovation and home improvement seem to be out of the question, then moving might be the right choice. If you are also facing such a dilemma and are ready for a big change, then moving to a new home might be the best decision you can make.
A big wave of first-time homebuyers is eager to move
The number of first-time homebuyers has dramatically increased since 2007. This means that you have the biggest chance to sell your home to homebuyers who are eager to move into your first home. Why? More millennials want to stop renting to make better investment decisions. If you work with a competent real estate agent from Loughton, you’ll find it easier to sell your home fast and at its best price.
You get to enjoy low interest rates
Since mortgage interest rates have remained low since December 2019, many expect them to remain unchanged. This gives homebuyers more reason to take advantage of the low interest rates. This also proves to be a great deal for home sellers like you.
You can use the profit you get from selling your home as a down payment
If you plan on buying a new house with a mortgage, then selling your home will give you more than enough money to pay for your down payment. This is especially true if you have already acquired high home equity. Your home equity refers to the amount you own from your property. As you pay down your mortgage, your home equity grows. The higher your equity is, the higher your profit will be from selling you home. If you pay a higher down payment, this gives you more chances of snagging better rates and mortgage terms.
As more first-time homebuyers flock to the real estate market, you can have more buyers to attract into buying your home. Mortgage interest rates are still low; you can use this to secure a new home. If your house can no longer accommodate you and you’re ready for a big change, then you can consider selling it and buying a new one as a better investment.