Whether you’ve recently inherited a home, are looking to offload your primary residence, or have a rental property that you aren’t sure what to do with, selling your house before 2021 arrives may be the best decision. In a fast-changing and incredibly unpredictable world, many people are finding themselves increasingly unable to stay on top of their ownership costs. Read on to discover three reasons why you should sell your house before 2021.
1. Highly Favorable Market Conditions Will Likely Taper off in 2021
The housing market has long been known to experience many cyclic changes. This market has maintained a reasonably predictable pattern throughout depressions, recessions, economic booms, and other significant events. Just as 2020 saw a noticeable rise in housing values and general housing demand, 2021 will see continued increases in these areas.
However, according to market insiders, these increases will gradually taper to a slow in many areas as more qualified buyers settle in and stay right where they are. Thus, the end of 2020 could be the best time to make the most profits from favorable market conditions. If you aren’t ready to hold onto your investment for the long haul and yet still want to turn it over for a significant profit, timing is everything.
Putting your home on the market now is the surest way to capitalize on the short-term, high-profit sales opportunities that 2020 brought about.
2. The Outlook for Both the Economy and the Job Market Are Poor
Although everyone is hoping for an impressive rebound following a year of unprecedented unemployment rates and homelessness, it will likely be a long while before the economy recovers. While optimistic parties don’t believe that this will lead to a housing crash, it will undeniably impact the number of qualified buyers that home sellers have access to as time wears on.
Moreover, increasingly dire statistics on joblessness and homelessness will also affect the number of desirable tenants that apply for rental units. If your house is a rental home, studies on recent homelessness show that you’ll have no problem locating willing applicants. What you are likely to struggle with, however, is finding applicants with stellar credit scores and new rental histories.
Landlords must also be aware that stay-at-home mandates and other COVID-related rulings have been heavily in favor of protecting tenants rather than protecting property owners. This factor alone has made the prospect of owning rental properties in 2021 far less appealing. As unfortunate as it may be, continued efforts to slow and even stop the spread of COVID-19 are sure to make the rental market a far less stable and predictable place for investing for several years to come.
3. The Costs of Maintaining a House Won’t Go Down
Even as the economy struggles to rebound and countless individuals and families attempt to rebuild their lives, consumers face the prospect of paying more for nearly every product and service they need. Delays in manufacturing and shortages of labor, materials, and transport have led to significant price increases across almost all industries. As a homeowner, this can mean paying more for building materials, building repairs, and other essential aspects of property upkeep.
Even the costs of outsourcing management and maintenance services as a rental property owner are on the rise, given that many third-party service providers are still facing labor shortages. This is something to keep in mind if you’ve recently inherited a home, are struggling to maintain even keel as a rental property owner, or are holding onto a primary residence with expenses that exceed your ability to keep up. In situations like these, offloading a burdensome property can be done in just a matter of days or weeks.
Offers of “we buy houses San Antonio locals don’t want” can lead to quick, entirely buyer-financed sales that lack lender-required inspections and that take your home off your hands precisely as it is. There’s no need for sellers to repair or improve their properties with these offers, no need to stage them, and no need to wait.
Homeowners dealing with an abundance of financial stress can turn their assets into cash rather than bear them like burdensome liabilities. With a limited window of high-profit sales opportunities on the horizon, 2020 may be the best time to do so.
As 2021 rolls in, consumers can expect continued unpredictability across all other markets across the real estate sector.