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To Sell Or Not To Sell Your Home in 2020

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The analysts have made their predictions and according to their data and insights, 2020 will soon become a record-shattering year for home sale prices. That is, of course, if a certain virus doesn't get in the way.

If you are uncertain on whether or not you should sell in an unpredictable environment during unpredictable times, it may be okay to take a risk. 

According to Ryan Gorman, the president and CEO of Coldwell Banker NRT, “the housing market will be increasingly healthy in 2020 – meaning home prices will continue to rise, but at a moderate pace.” In other words, homebuyers probably won’t be faced with issues of affordability with a healthier balance between supply and demand, as was in other years.

If you find yourself, unwilling to let go of your house, then don’t. Wait another five years to see if your opinion may change. However, if you are considering selling, don’t wait too long. 

  • Here are a few reasons you should sell in 2020:
  • New buyers are still entering the market.
  • Interest rates are expected to remain low.
  • You have high equity.
  • There’s no telling what 2021 holds.

Millennials remain the largest group of homebuyers today and they fall under the category of first-time buyers. However, there are rare cases such as in California, where celebrity social media influencers of Generation Z, who made millions of dollars posting video game unboxing videos, are now buying mansions. But this is a small percentage. 

Gorman agrees that GenZer’s are among homebuyers in more affordable Midwestern cities, “where home prices have grown, but not as dramatically, such as Des Moines, Iowa, and Omaha, Nebraska.”

“In some markets, (sellers and buyers) have under 50 days to do everything,” Gilch says. “If you starting planning months in advance, however, you may feel better prepared to ready your home for sale – and you won't feel pressured to make a snap decision.”

 

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  • Lydia Eskenazi PA

    Director of Real Estate Sales
    Harding Realty, Inc.

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