Andrew Draayer from Phoenix, Arizona is a professional real estate investor with an eye for promising properties. When assessing 2021, Andrew Draayer has seen an increased interest in housing market information. The best time to sell a home depends on multiple different factors including an individual’s personal priorities.
When To Sell A Home
Selling a home is stressful for most owners. Both physical and emotional complications can arise in addition to the timing of a new home. Understanding where one will live after the sale can be problematic if the dates don’t exactly line up.
Homeowners often sell their house when the weather is warm. Depending on the location, this can mean several months out of the year or just a few. Homes that are typically listed around the end of spring or early summer tend to gain increasing popularity compared to houses listed in the winter. Part of the reason for this may be due to open houses. Since kids are usually out of school, this can be another benefit for house hunters.
Home renovations is a broad category. Renovations can include remodeling a kitchen to include extra appliances or counter space. It can also include much needed repairs. Roofing repairs, plumbing leaks and cracks in the foundation must be repaired. If a home has recently gone through renovations, this is the ideal time to sell.
Assessing Home Cost
Before selling a home, a financial inventory is suggested. An overview of the overall budget of a home should include costs such as utility bills and heating. If the mortgage has already been paid off, this does not mean a potential seller is “home free”. Homeowners must still pay for property taxes, homeowners insurance and potential association dues. Understanding all home costs will help assess future finances.
Supply and Demand
Selling a home in a market where there is little demand is not advised. Without competitive buyers, homes are likely to be sold for much less than they’re worth. To determine if there is high demand for houses, several factors must be considered. The climate, society and financial health of the area will all play a role. A significant housing demand can be found in all areas depending on the right timing.
Low mortgage rates and the overall economy influences the housing market. Due to the pandemic, many individuals lost their jobs. In recent months the low employment rate has started to turn. With an increase in jobs and businesses, consumers are beginning to spend a significant amount of money. Some of this money is now used to buy new homes that may be bigger or in an increasingly rural area.
How To Add Home Value
Adding home value can significantly raise the selling price. While certain renovations may cost a considerable amount of money up-front, there are ways to increase the worth without breaking the bank.
Some upgrades may be considered tax-deductible. Capital improvements, for example, are permanent improvements to the structure of a home or property. This can include foundation renovation as well as handicap access. Any type of structure that can prolong the use of the building can potentially reduce tax.
Tax-deductible improvements include home additions such as a new bedroom or bathroom. Garages and porches can also count as home additions. Heating and air conditioning systems, landscaping, and certain plumbing projects are also tax-deductible.
The Benefits of Selling A Home Now
Rising home prices are predicted for this year. Since the drop in market activity last spring, home-buying has already started to rebound. There are a variety of options for sellers, including speedy sales with minimal effort.
Andrew Draayer expects interest rates to remain low. Unfortunately for buyers, there are not enough properties listed to accommodate everyone. Homeowners can take advantage of competition in the market by selling in 2021.
Although mortgage rates are currently low, they are consistently rising. Forecasters, including the Mortgage Bankers Association, predict higher rates toward the end of 2021. If home prices and mortgage rates continue to increase, this can potentially slow the market. Selling now can avoid some of the volatility that mortgage rates cause.
Approximately 17% of homeowners plan on selling their house in the next year. By selling a home within the next year, owners can potentially save money on home improvements. With a limited amount of housing availability for buyers, non-essential housing improvements may not be necessary.
Anticipating The Needs of Buyers
Homeowners must know how to anticipate the needs of buyers. Since the pandemic, these needs have shifted. Many home buyers are interested in homes with an increasing amount of space. More buyers are interested in larger houses, but homes that are located in nature are also a growing trend.
With so many people working remotely, many home buyers are looking for a home with several rooms, notes Andrew Draayer. Compartmentalizing where they work can be extremely important if most of their day is spent inside the home.
Those interested in selling a home should consider what their home has to offer for the post-covid lifestyle. Since most homes can be renovated or modified in small ways to look more desirable, this is worth reviewing before putting a home on the market. In 2021, selling a home can create financial stability while allowing owners to explore new options.