Historically low mortgage rates are attracting more buyers into the housing market but there aren’t many homes available. So if you were waiting for the perfect opportunity to get top dollar for your life’s biggest investment, now is the time to sell your home in West Michigan.
Why Now is the Best Time to Sell in West Michigan
When the coronavirus pandemic first reached the U.S., people worried the housing market would crash just like it did in 2008.
There was so much uncertainty about what would happen that when the nation-wide quarantine was put into effect many people removed their houses from the market.
Fast forward to September 2020 and the real estate market has stayed strong — only now there is a shortage of homes available.
According to the Michigan Realtors Group, the number of homes sold across Michigan this past June was down almost 15% compared to the same time last year, while the average selling price increased by about 7%. With fewer homes available, the demand is as strong as ever.
If you’re looking to get top dollar, now is the time to sell your home in West Michigan.
Why the current market is nothing like the 2008 crash
Some people were concerned we were heading for another housing crash and that’s understandable. But there are many reasons why you shouldn’t worry about that happening any time soon.
To understand the health of the housing market ask these three questions:
- What are the average housing prices?
- What is the average American income?
- What is the current national mortgage rate?
During the global financial crisis in 2008, housing prices were high and wages were low, which made it extremely difficult for anyone to enter the market. To make matters worse, the mortgage rates averaged more than 6%.
Today, housing prices are still high BUT so is the average American’s annual income.
With mortgage rates hovering at about 2.93% as of
September 3, it is no wonder experts are saying now is the time to sell.
How to take advantage of the current market
West Michigan’s population has skyrocketed since the end of the global recession. More people are looking to buy homes and since there are very few houses available, it’s a seller’s market.
So if you have been waiting to get the best return on your life’s biggest investment, now is the time to sell your home.