Across most of the United States, a strong seller’s market persists, making many homeowners and landlords wonder if now is the moment to sell. Many people are still facing emotional and financial anxiety as the COVID-19 pandemic concerns fade. If you want to sell, though, you must act quickly as the property market continues to heat up this year. So, we made a list of the top 5 reasons to sell your Kansas City House in 2021!
The five reasons:
It’s a significant choice to decide to sell your house now rather than later. When demand is high, and inventory is low, homeowners choose to sell. As a result, buyers are more competitive, and you can sell sooner and for more money. Is this the right time? The top five reasons to sell your Kansas City house in 2021 are listed below.
- Mortgage rates are rising
- Demands remain strong
- Small supply
- Home prices are rising
- Your circumstances have changed
Mortgage rates are rising
Mortgage rates decreased to near-record lows in the latter half of 2020 and early 2021. As a result, more buyers are entering the market to find their ideal house. As more buyers discover affordable financing choices, demand increases, which is good news for sellers. Rates, on the other hand, are starting to rise. As a result, mortgage rates are less appealing than they have been in recent months. While no one can tell where interest rates will go from here, the modest increase is one of the strongest reasons to sell now. It’s also common for people to sell while they still owe on it, so research that!
Demand remains strong
Selling a property successfully necessitates the attention of competing purchasers eager to take advantage of cheap mortgage rates. Currently, there is high demand for residences, particularly in the suburbs. As a result, the seller’s market is booming. Home sales will surpass 7 million in 2021, according to Freddie Mac projections. According to the National Association of Realtors, young people and families account for 38 percent of all home purchasers. Just make sure to get a reasonable offer for your house!
Many new building projects have been postponed due to the COVID-19 epidemic, and rising material costs have prompted builders to focus on luxury houses, where they can make a more significant profit. Furthermore, due to a scarcity of existing homes, homes are selling almost as quickly as they are coming on the market in many regions. On the other hand, sales are slowing, which is one of the most compelling reasons to sell sooner rather than later. An available home inventory will continue to rise until the second half of 2021 and the beginning of 2022, according to 69 percent of polled Zillow Home Price Expectations (ZHPE) panelists. For vendors, greater inventory means more competition for the attention of buyers.
Home prices are rising
According to CoreLogic statistics, homeowners earned an average of $17,000 in equity by the end of 2020. Furthermore, when house prices rise, those figures will continue to grow. Many homeowners decide to take advantage of their equity and utilize it to acquire their own dream house. This extra equity, together with other favorable market factors like high demand and low supply, makes this a perfect moment to sell. While many vendors anticipated a drop in pricing due to the epidemic, the reverse has occurred.
Your circumstances have changed
The COVID-19 pandemic has brought numerous changes to everyone in the previous year. Working from home, hybrid schooling, or just a desire for more space prompted many homeowners to reconsider their living arrangements due to the pandemic. Perhaps you no longer need to commute to work, or you’ve gotten weary of the neighborhood and want more open space or facilities. As a result, one of the most compelling reasons to sell now is for your personal advantage. While the seller’s market is still favorable, now is the time to take advantage of it. There are many ways to sell your home if you are a homeowner in Independence.
Moving after selling your house
Before you sell your house, you should find a rental or a new house to buy. After you get that done, you will have to move to your new home. Luckily for you, professional Missouri movers can provide you with a hassle-free relocation to any other city. Make sure to do proper research on your moving company to avoid getting scammed or having a bad experience. Read reviews and ask for recommendations.
Selling VS. Renting
For some homeowners or investors, renting their property may be a better option than selling right now in some areas. Despite eviction prohibitions and non-paying renters causing landlords to lose money in many areas, rental prices are still high. As a result, determining what to do with your house or investment property requires thought. So, if you’re on the fence about selling, here are a few reasons to rent instead of selling right now.
- Demand for rentals is very high. – Many locations in the United States, including Kansas City, have high rental growth rates, making being a landlord a potentially lucrative enterprise. Check out what your rental may be valued if your area is popular and you’re ready to take on the extra duty in exchange for long-term passive income.
- You have what the renters want. – In some locations, certain types of residences with desirable facilities might command a high rental price. So, following a thorough examination of the local market, renting may be a viable option if your house outperforms the competition. Newer appliances, hardwood flooring, parking, an outdoor entertaining area, and accessibility to local attractions are desirable features for tenants.
- Profit potential. – Various data and computations greatly influence the decision to rent or sell. This real estate due diligence helps owners evaluate their home’s ability to generate regular and positive cash flow. As a result, before making a final decision to sell your Kansas City house in 2021, all of these data must be carefully evaluated.
If it is your time to sell, the Tuckers here at kcmoHomeBuyer can offer you several options: One a cash offer selling directly to us, selling on terms to us if you don’t want to take the tax hit, or working with us through our sister company Realty Resource. Let’s start a conversation, contact us today.
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On top of the process every step of the way!
Great experience. I was selling my fathers house. Very glad he sent a letter. The house was dirty, it was stinky, it was packed with junk. I just didn’t want to deal with it.
I called Scott as well as several of the ads I found on google for people who buy houses. Scott was great, he showed up when he said he would, he listened to what I had to say. He made me an offer and left it with me so I could “sleep on it”, which gave me time to review if with my brother.
Scott was on top of the process every step of the way, making sure I was informed and knew what was going on and when we had some paperwork issues at the title company, helped me work through that as well.
If you want a hassle free sale, give Scott and kcmoHomeBuyer a call.