Are you planning to sell your home and move to a new one? Perhaps you have been holding off because of high mortgage rates. Well, here’s some great news for you: mortgage rates have been on a downward trend since last October. This means that now might be the perfect time to put your home on the market. In this article, we’ll explore the current state of mortgage rates in the US and why it’s the perfect time to sell your property.
The downward trend of mortgage rates began last October when they hit the highest level in eight years. Since then, they have been steadily going down, hovering below 7% for the past month. Even though we’re still far from the record lows of 3% seen in the early 2000s, this is good news for homeowners looking to sell. Lower mortgage rates mean that buyers will have more purchasing power, which translates to higher demand.
According to Dean Baker, Senior Economist at the Center for Economic Research, the trend is likely to continue. He predicts that interest rates will remain low in 2020, making it an opportune time to list your home. However, it’s essential to keep in mind that we live in unpredictable times, and unexpected global events can quickly shift any prediction.
The bright MLS data reveals that high mortgage rates are the top reason why buyers have been hesitant to invest in homeownership. With the recent fall in rates, there has been a surge in homebuyers, which means there’s an increased demand for properties on the market. Another significant factor that affects the real estate market is the economy, which is currently strong, providing another incentive to sell.
If you’re looking to upgrade your home or the location, you’re likely to get a good return on investment. With increased demand for houses, you can fetch better prices on your home. Additionally, lower mortgage rates enable buyers to borrow more, which means that they are likely to pay a premium for a desirable property.
Selling your home has never been easier. Technology has revolutionized the real estate industry, making it easier than ever to research the perfect time to sell and your property’s estimated value. With the help of real estate agents, you can quickly put your home on the market and sell it fast. But with anything that costs money, you need to consider the possible risks and benefits before making any significant decisions.
If you’ve been waiting for mortgage rates to drop, the time has finally come. These low-interest rates mean that buyers have more purchasing power, increasing demand for homes. With a strong economy and the predicted low-interest rates in 2020, you can fetch higher prices for your property. But, it’s essential to keep in mind that just because you can sell your home, doesn’t mean it’s the perfect time for you. Before making a decision, you should weigh up the potential benefits versus the risks and determine if it’s the right time for you to sell. Overall, selling your home is all about timing, so take advantage of current trends in the mortgage rates, but make a well-informed decision.