Should You Sell Your House Now or Wait Until 2021?
Are you looking to sell your house but just aren’t sure when the right time is?
Should you sell your house now, or is it better to wait until 2021?
The markets have been doing some strange things in 2020, which is to be expected given that it has been a strange year. But this also presents some really good economic opportunities.
This article will help you work out when the best time is to sell your house!
Housing Market Predictions 2021
Housing crash 2021? Unlikely!
A lot of people have been asking will house prices drop in 2021 after such a difficult year in 2020. The reasoning is that people stopped buying and selling houses in 2020, and so houses for sale will flood the market in 2021.
But this just isn’t the case.
Continued Historic Housing Shortage
The fact is that America has been facing a growing shortage of housing now for about half a century. There are a number of different economic and regulatory reasons for this.
For example, heavy zoning restrictions and building requirements have made building new homes more difficult and more expensive.
This is a problem since the population is continually growing, and also because many old houses and apartments need to be knocked down because of their age. Every element of a house has a lifespan and when enough things wear out it doesn’t make sense to keep repairing.
These factors mean that there are fewer houses on the market for people to buy. The law of supply and demand tells us that with low supply and high demand, the price of houses will go up.
Covid-19 and Housing
Covid-19 has more or less shut down every industry, including construction. This means that very few houses have been built in the last year. Once again, this contributes to a low supply.
But, also, the news of a vaccine and an economic recovery is boosting market optimism. This means people are feeling more confident in buying into the housing market.
If you sell your house now you are going to get a good price, but 2021 prices could be even better. You can optimize your house sale by using WeBuyHouse.com and use their feature of choosing your own closing date.
Will house prices drop in 2021 under a Biden presidency? Definitely not.
Biden has made it clear that his administration will offer tax credits to first-time homebuyers, as well as support them with down payments. This means that there will be more people entering the housing market for the first time, driving up demand.
Should You Sell Your House Now?
Should I buy a house now or wait until 2021? This is a question a lot of buyers are asking themselves now, and it is a question that has a big impact on whether you should sell your house now.
Housing market 2021 forecasts are pretty clear. House prices will continue to rise, and it is going to be a sellers’ market. But the truth is that now is a great time to sell as well.
This means it all comes down to your personal situation and how quickly you want to get your money out.
If you’ve found this information helpful, why not check out some of our other great articles on housing and economics?