Is now the right time to sell your home?

If you own a home, hearing that “it’s a seller’s market” can pique your curiosity. For months, the limited supply of houses on the market gave sellers an advantage as buyers sought to lock in historically low mortgage rates.

But is this still the case? In January, Fannie Mae released a study on consumer confidence in the housing market that concluded that consumers took an increasingly pessimistic view of the conditions for buying and selling homes amid uncertainty related to the pandemic.

In fact, the percentage of respondents who say it is a good time to sell a home has decreased from 59% to 50%, while those who believe it is a bad time to sell has risen from 33% to 42%. This drop on the sales side, the first since April, suggests that potential sellers can wait to list their homes.

As homeowners settle down to face COVID, inventory can become even more restricted, creating an opportunity to get the best value for your property. Visit Credible to get in touch with experienced credit agents and get answers to your mortgage questions.

Is now the right time to sell your home?

Are you thinking of selling your home? It may still be the right time. As sales of existing homes in 2020 reached their highest level since 2006, prices followed. The National Association of Realtors (NAR) reported that the average selling price for an existing home was $ 309,800 in December, an increase of 12.9% over the previous year. With rising prices, homeowners wonder if this is the right time to make a change.

Warburg Realty’s Tania Isacoff Friedland believes so.

“In the past few weeks, I’ve represented buyers and sellers in several bidding wars,” she said. “There are motivated buyers, eager to buy.”

Whether you’re looking to buy a new home or refinance your existing mortgage, use the Credible online marketplace to calculate the numbers. Enter some simple information into Credible’s free tools to see what mortgage rates you would qualify for.

Compass Real Estate real estate agent Michael J. Franco agrees.

“There is a shortage of stock in many markets, which is a good time to sell because you have limited supply and demand is still out there,” he said.

While it may seem like the perfect time to sell your home, once you do that, you will need to find out where you will be living. Remember that the same limited supply that increases the convenience of your home can affect your search for a new home.

Whether you are thinking of a move or are ready to refinance, use Credible to search for mortgage companies and compare loan rates without affecting your credit score.

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How can I increase the value of my home?

If you are choosing to wait before selling your home, you may be looking for ways to increase your home’s value.

Home buyers are intrigued by the photo list and want to make sure the selling price is correct. Updates that are considered capital improvements are tax deductible. Not to be confused with repairs, capital improvements, as defined by the Federal Revenue Service (IRS), are permanent improvements to a structure or property that enhance characteristics, use or extend the life of the building.

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Are home improvements worth the investment?

Home improvements can be worthwhile if you want to attract a potential buyer. Make sure your home is in a marketable condition before sending listing photos. A few adjustments here and there can lead to higher prices and help you sell your home quickly.

“Upgrading the kitchen and bathrooms can make a significant difference to getting the highest price possible when you go to sell,” said Isacoff Friedland.

Installing new windows or external doors increases the value of your home and, at the same time, makes it more comfortable during your time there.

Interested in making renovations? Visit Credible to compare personal loan rates and find a lender to finance your next home project.

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How to Take Advantage of Current Mortgage Interest Rates

If you are thinking of selling, now may be the time.

Amid the coronavirus pandemic, mortgage rates have dropped to historic lows. Although rates rose in January, the Federal Reserve announced that it intends to keep long-term loan rates low indefinitely. Since the 2008 recession, mortgage rates have barely risen above 5%, and the NAR predicts that rates will average 3.1% for 2021, up from 3% in 2020.

“Mortgage rates are slightly higher now than they were when they hit bottom last summer,” said Melissa Cohn, executive mortgage banker at William Raveis Mortgage. “The Democratic-led Senate and the release of the COVID vaccines are the main reasons for the increase in rates. Mortgage rates are likely to stay where they are for a few months now, while the pandemic continues to devastate the economy. “

“The only way is to get a new mortgage,” said Cohn. “If you already own your home, then it’s time to look at refinancing. Refinancing rates are not as low as buying mortgage rates. But for a homeowner with good credit and a decent value loan – usually when the mortgage is less than 75% of the home’s value – then you can definitely lock in a rate below 3%. Or even close to 2.50% today. “

Use an online mortgage refinancing calculator to estimate your new monthly payments. You can also compare interest rates on mortgages and lenders using Credible’s free tools.

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