As summer draws to a close, you may be wondering if it’s still possible to sell for top dollar during 2020. The answer to that question is a resounding yes—and if you’ve lived in the same home for a while, there’s never been a better time to list. Here’s why Raleigh homeowners have even more selling power than before.
Why Should Raleigh Homeowners Sell Right Now?
This year has been a whirlwind for just about everyone, especially those looking to make a move in the Triangle. Back in March, the COVID-19 pandemic caused many sellers to press pause on their real estate goals. However, the market actually recovered faster than expected, which ushered in increased home prices and buyer demand.
If you’ve lived in your home for quite a while, this could be the moment you’ve been waiting for. Check out these reasons why you should cash out on your equity right now.
Homeowners are staying in their homes for longer than before
Today’s homeowners are choosing to stay in the same house for longer than ever before. In 2019, the median length of time spent in a home was around a decade, which is almost double what it was before the 2008 housing crisis.
Wondering why homeowners have put off selling for so long? Rising home prices and economic uncertainty are just a few reasons—but some may also want to stay so they can continue to build equity.
Remaining in the same home allows you to build equity over time
If you’re a longterm homeowner, you’ve probably built up a lot of equity since you first purchased your house. According to a study by CoreLogic, the average homeowner has gained around $106,100 in equity since 2010.
Because homes increase in value over time, equity becomes a type of forced savings that you can apply towards the purchase of your new home. So even if you’re uncertain about selling, it may be worth looking into your home’s current value to see where you stand.
You could make an amazing profit
Have you lived in your home for at least a few years? If so, consider sitting down with a Triangle real estate agent to crunch some numbers. A new survey on home sales notes that sellers saw gains of $75,971, up from the $66,500 in the first quarter of 2020 and from $65,250 in the second quarter of last year.
A good agent should be able to tell you how much your home is worth right now, and they can even help you calculate the equity you’ve accrued since moving in.
Bottom Line: Now Is the Time to Sell
Although selling power has increased across the board during 2020, longtime homeowners stand to make the biggest profit due to exponential price increases, high buyer demand, and built-up equity. That means you shouldn’t wait to put your property on the market!
Work with the Triangle’s Top Agents
Want to learn more about maximizing your equity and getting top dollar for your home? Contact Linda Craft & Team today at 919-235-0007 to find out more about how we can put our 350+ years of combined experience to work for you.