Pros and Cons of Selling Your Home in 2021
If you own a home in Midwest City, you might be interested in selling it next year. There are plenty of reasons that many homeowners are selling their homes right now. One of the biggest is that people are beginning to see the shift from a buyer’s market to a seller’s market.
Best Benefits of Selling Home
The benefits of selling a home are numerous. However, it does not mean that it is the right decision for you to make. You need to evaluate your personal financial situation first. Sometimes it would make more sense for you to wait until market conditions improve in your area. However, in our current local market, the market conditions are favorable for sellers. In fact, our team at The Willard Group has helped over 150+ move in the last 12 months.
Low Interest Rates
The Federal Reserve controls US monetary policy. One of the most important things they can change is the interest rates at which banks lend. Right now, interest rates are at historic lows. That means it’s more affordable than ever to borrow money. There are even rumors that the Federal Reserve will push interest rates all the way down to 0%. Take a look at the current mortgage rates in Oklahoma!
Refinancing
Ask any real estate agent in Midwest City, and they will tell you the same thing. One of the hottest things for homeowners to be doing right now is refinancing their property. Thanks again to the low-interest rates. The Federal Reserve has made it more affordable than ever for people to continue living in the homes they own. Refinancing your property can help to lower the amount that you pay interest over the term of the loan. It can even reduce the amount that you pay on your balance each month. Assess and see if it makes more sense to refinance your home or sell it rolling into 2021 by checking out this Mortgage Refinance Calculator from NerdWallet.
Credit Score
One of the biggest roadblocks for homeowners when they are trying to buy or sell a home is their credit score. Sometimes things happen in life, and it can harm your credit score. The impact of your score can vary.
Low Score:
People who have low credit scores are not as trustworthy to lenders. For this reason, lenders will not lend to them at low-interest rates. That means that borrowers can expect to pay more if they have a lower credit score.
High Score:
High credit scores give you more leverage in negotiations. It will be easier for you to get an approval. Plus, when you do receive approval, it will also be more affordable. People who have higher credit scores will always receive the best interest rates available.
Market Volatility
Market volatility is a measure of how quickly financial markets flucutate. Over the last few months, market volatility has been excessive in comparison to historical averages. This has been primarily due to the effects of national lockdowns and the coronavirus pandemic. Next year we should not need to worry about these same adverse circumstances. That means it might pay for you to wait until next year to begin selling your home if you are a property owner.
Selling Your Home in 2021
We recommend working with a real estate agent in Midwest City that is familiar with the local community. When you work with a professional connected to the people they work with, the results will always be better. You should not work with anyone that isn’t familiar with you and the people they serve. If you’re interested in selling in 2021, give us a call at 405-640-1317 or email us at shane@thewillardgroup.com. We use so many channels to market your home. From Facebook advertising to staying in from of our database of homebuyers, we can help you sell your home quicker, and for more.
