Key points:
- Current market conditions have made this winter an ideal time to make a move—for buyers and sellers.
- Buyers can take advantage of rock-bottom interest rates, which could mean saving thousands of dollars on a home purchase.
- Sellers have the advantage of high buyer demand and low inventory, meaning prices are on the rise and homes are selling fast.
- If you’re thinking about making a move in the Triangle this winter, don’t wait for spring… Contact Linda Craft & Team today!
Don’t Wait for Spring to Move—Whether You’re Buying or Selling!
Though 2020 got off to a rocky real estate start, the market quickly rebounded. Soaring buyer demand and limited inventory have pushed prices upwards and decreased selling times significantly—which is great news for sellers. But there’s good news for buyers, too! Regardless of whether you’re buying or selling, the market is primed for you to make a move. Here’s why you should not wait for spring to move.
Mortgage rates are historically low
In 2020, mortgage rates hit all-time lows… not just once, but 16 times. This is fantastic for buyers. Essentially, it means it’s less expensive to borrow money, which could ultimately end up saving you tens of thousands of dollars over the course of your loan.
Mortgage rates are expected to remain relatively low throughout 2021, but they likely will not stay as low as they are right now. Since even the slightest increase can make a big difference in both your monthly payments and overall costs, locking in a low interest rate now is the only way to ensure you save big.
Home equity is growing
According to John Burns Consulting, 58.7% of homes have at least 60% equity—and over 40% of all homes are completely mortgage-free. Additionally, CoreLogic estimates that the average homeowner has gained $17,000 in equity since last year!
This equity gain represents a tremendous opportunity for buyers hoping to move up into a larger or more luxurious home. If your needs have changed recently, or you feel it’s time for something different, then now is the perfect time to move up.
Home prices are appreciating
Home prices climbed quickly in the latter months of 2020, and experts predict that this trend will continue in 2021. For sellers, rising prices mean a solid opportunity to maximize your return on investment.
For buyers, rising prices and low interest rates allow you to save money while purchasing—and gain confidence that you’ve made a strong investment.
There aren’t enough homes for sale
One of the biggest challenges facing today’s market is a lack of homes for sale. However, this low inventory is ideal for sellers; it drives prices, as well as buyer competition. And high buyer competition means homes sell very quickly.
Listing your home now, while inventory is low and buyer demand is high, means you’ll face less competition among other sellers. It could also mean selling for more, should you receive multiple offers, and selling faster.
Thinking of Making a Move? Don’t Wait for Spring!
If you’re thinking about making a move in the Triangle, there’s never been a better time—regardless of whether you’re buying or selling. Interest rates are low, home values are rising, and the market is moving fast! If you’re ready to get started, then we’re here for you. Contact Linda Craft & Team today at 919-235-0007 and let us put our 350+ years of combined experience to work for you!