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Is Now a Good Time to Sell a House?

Founding Member of Moshes Law, P.C.
During his years of practice, Yuriy has concentrated in litigation and real estate transactions as his areas of expertise.
sell house or stay put

Selling your home can be a stressful ordeal, but knowing when to sell can make the process easier. If you are deciding whether now is the time to sell your home, top realtors will tell you the answer is yes. Most of 2021 has been a seller’s market with low inventory and historically low-interest rates.

If you decide that you are ready to sell your home, be sure to call Moshes Law, P.C. for a free consultation with an experienced New York real estate attorney. A real estate attorney will help oversee the sale of your home, including contract review, communicating terms, and attending the closing.

Don’t hesitate to call Moshes Law, P.C. today.

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Why is it a Good Time Now?

Most real estate agents would agree that it is currently a seller’s market in most of the United States. If you are thinking about selling your house, you shouldn’t wait too long. 2021 has been a great time to sell a home for the following reasons:

  • Low inventory in the housing market
  • Increased home prices lead to boosted equity
  • Historic low mortgage interest rates

These factors make 2021 the perfect time to sell your house.

Interest Rates Are Expected to Remain Low

Interest rates fluctuate for various reasons; however, this year, the effects of the pandemic have caused interest rates to hit a historic low. According to Freddie Mac, as of December 2020, the average interest rate for a 30-year mortgage was 2.71%.

As the year progresses, interest rates are expected to rise; however, economists and real estate professionals predict they will stay below historical averages. With interest rates on the rise, if you’re debating whether to sell your house now or wait, a real estate agent will tell you not to hesitate.

You Need to Move

If you have been considering moving or upgrading to a larger home, 2021 is the time to do it. With low mortgage interest rates and low housing supply, first-time homebuyers will be scrambling to purchase entry-level homes. This is the perfect opportunity to upgrade from your starter house to a larger forever home.

It’s Still a Seller Market

A seller’s market is when the demand exceeds the current supply. In the 2021 housing market, this has been the trend. Low-interest rates promise potential buyers an affordable mortgage which increases the demand for available homes. Increased demand will, in turn, boost equity, increasing the value of homes for sale.

If you have been wondering if 2021 is the year the sell your house or stay, put, the advantage of a seller’s market could help you sell your house faster and for a higher price.

Backlog of Foreclosures

Foreclosed homes lower the value of nearby homes and increase the supply of available homes on the market. Due to the Covid-19 pandemic, the United States issued a foreclosure moratorium which allowed homeowners who could not pay their mortgage an extended forbearance. During 2020 and 2021, there were fewer foreclosed homes on the market than ever before. The lack of foreclosures kept supply low and sale prices high.

Now is the time to sell your home because homeowners will once again be subjected to foreclosure if they cannot afford their mortgage when the moratorium ends. It is possible that we will see a flood of foreclosures hit the market in the near future. When this happens, homeowners will not get the same value for their house that they would have gotten in our current housing market.

Baby boomers will be aging out of their homes

In the current housing market, Baby Boomers, those around the ages of 57-75 years old, hold around 1/3 of the United States housing stock. In the coming years, due to relocating into retirement homes or death, these homes will once again be available on the housing market. Similar to foreclosed homes flooding the market, newly available homes on the market will increase housing inventory and shift the current seller’s market to a buyer’s market.

According to this study, if you’ve been debating whether to sell your house or stay put, you should sell. You will want to get in front of this inevitable flood of the housing market.

If you have decided that now is the time to sell your home, you should contact a real estate agent and a real estate attorney. The knowledgeable real estate attorneys at Moshes Law, P.C. are experienced in New York real estate transactions and offer free consultations.

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When Is it Bad Time to Sell Your House?

Timing is everything when putting your house on the market, and there are bad times to try and sell a home, even in a seller’s market. If any of the following scenarios apply to you, you should consider waiting to sell your home.

  • You have just refinanced your home
  • You are unsure if you can afford the current housing prices 
  • You haven’t built much equity
  • You aren’t mentally ready to sell

If you can’t decide whether to sell your house now or wait, speak to a real estate agent familiar with your local market.

For more tips about the best and worst times for selling your house, check out this article.

When You Just Refinance Your Mortgage

According to real estate agents, if you have recently refinanced your house, there is no benefit to selling your house anytime soon. Many people choose to refinance their homes as an alternative to selling to benefit from lower monthly mortgage payments.

Not Sure if You Can Afford Buying Your Next House

When you ask yourself, is it a bad time to sell your house, one quick way to get an answer is to determine if you can afford your next home. If you don’t think you can afford to buy another house in the current housing market, it is not the right time to sell.

If you’re debating selling your house due to financial strains, rather than jump into a sale, you should consult with your mortgage lender about refinancing options or deferring payments.

Decided to Sell Your House?

If you have decided that it is time to get your house on the local market, you need to do a couple of things. First, contact a real estate agent or a listing agent. An experienced real estate agent will know what you need to do to get the highest value for your home. After finding a great agent, contact a real estate attorney. Home sales can be complicated, and you want to have an attorney who understands contracts and home sale transactions acting in your best interest.

Check Your Home Condition

Before listing your home, you need to assess the condition of your house. According to real estate agents, if your house needs a minor fixing up, it is a great time to put it on the market.

Real estate agents know exactly what needs to be done to a house to make it desirable in the local housing market. Fortunately, most of the fixes are very budget-friendly.

  1. Curb Appeal– According to the top real estate agents, if you invest just $300 in landscaping and lawn care, you can add over $1,200 to your sale price. If you add mulch, shrubs, or other details, you can even increase your home value more.
  1. Deep Clean– If you have been living in your house for a while, there is a good chance you have accumulated a lot of personal belongings. When you’re getting ready to sell your home, you need to think about decluttering. Less is best when showing a home, so you can add over $4,000 in resale value to your home if you haul out the old furniture and junk.
  1. Neutral Paint– If any of your rooms look dingy, freshen them up with a coat of neutral gray or beige paint. According to the over 98% of real estate agents who recommend neutral colors, greys and beiges depersonalize a home and attract more offers.

It doesn’t take much to spruce up your home to add value quickly and inexpensively. These little tips and tricks will help you get the best sale price for your home.

Contact Attorney to Help You with a Selling Process

Selling a home is a complicated transaction. It can be intimidating to attempt to go through the selling process alone. If you are putting your house on the market, you need an experienced real estate attorney.

A real estate attorney will guide you through the home selling process, from reviewing contracts to negotiating deals. Your real estate attorney will be with you right to the closing to ensure your interests are best represented.

The New York state real estate lawyers at Moshes Law, P.C.  have the knowledge and familiarity with New York state laws and the current local real estate market. Your dedicated attorney will oversee the home selling process so you can focus on your next big move.Contact the real estate attorneys at Moshes Law Office today for a free consultation so you can discuss your home selling options.

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