On the fence about selling your home? The time to jump is NOW!

The economy is currently in a bit of crisis. This is for obvious reasons. However, there is one bright spot: the housing marketplace. This is why it is a good idea to seriously consider selling your home.

According to NPR’s Stacey Vanek Smith, Cardiff Garcia, traffic to a large real-estate company’s “… website is up around 40%. The National Association of Realtors also announced that bishop property for sale were up 15% from last month.”

“A wide range of American homebuyers are being driven out of urban areas to suburban and rural areas by “… conditions linked to coronavirus and the understanding that the way… some of us work — have fundamentally changed,” Smith wrote and Garcia. Woodland Hills, Calabasas, and West Hills are better options for those who work remotely. They offer larger homes with larger lots than mid-city properties.

Others have decided to return to the market after dropping out of it at the beginning of the pandemic.

Now is the right time to sell your house if you have contemplated selling. Continue reading to find out why this opportunity should not be missed.

Record high equity in home equity

Are you aware of how much equity your home has? It’s not uncommon for homeowners to have no idea how much equity they have, but it’s worth looking into.

According to Jeff Ostrowski (senior mortgage reporter at Bankrate.com), Black Knight, a mortgage data firm, found that Americans’ home equity had reached a record level earlier in the year.

Your equity and mortgage rates are so low that your dream home could become a reality.

Mortgage rates are so low

It is almost impossible to predict mortgage rates. According to the Mortgage Bankers Association, major housing agencies such as Fannie Mae and Freddie Mac, the 30-year fixed-rate mortgage rate will average 3.03% from 2021. As of October 2020, rates are at or near this level. If so, the Sellers’ market will remain strong, but don’t delay too long or you might miss your chance because you didn’t act fast enough.

Home prices for sellers are incredible

Low mortgage rates encourage homebuyers to get into the market. This, in turn, encourages homebuyers to jump into the market and increases demand.

According to realtor.com(r), the September median home price rose 11.1% year-over-year to $350,000, a new record high. The median home sale price in the San Fernando Valley increased 17.7% over last year (Southland Regional Assoc of Realtors September Snapshot).

Homes flying off the market

Nationally, the average time a house remains on the market is 24 days. National Assoc of Realtor records show that September saw a faster sale than August. This is a welcome news for sellers of homes who have to move fast.

Sell your home if you’re a delinquent person who doesn’t have forbearance.

You won’t be eligible for federal Cares Act mortgage forgiveness if you don’t own a federally-backed loan.

Many non-federally backed mortgage lenders decided they would offer forbearance but not on all loans.

You might consider selling your home if you don’t meet the criteria and aren’t eligible for either of these options.

You will pay less to the lender if you act quickly. You could face foreclosure if you delay.

The real estate market is always been in flux and this has not changed. Mortgage rates can fluctuate between falling and rising one day and the opposite the next. The duration of the current amazing seller’s market is impossible to predict.

Now is the time if you’ve been thinking about selling your home.

If you are thinking of selling your home, and would like more information, please contact me.

 

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