You probably keep hearing it’s a seller’s market right now. Homes are selling for record prices and moving quickly. In fact, the National Association of Realtors (NAR) says existing-home sales totaled 5.64 million dollars in 2020, up 5.6% from 2019. And there is no sign of slowing down.
That means, if you have been thinking about making a move, the time is now. Here are seven reasons why this may be the perfect time to stake that “For Sale” sign in your front yard.
1. Take Advantage of the Equity in Your Home
There’s never been a better time to maximize the equity you’ve gained in your home.
In fact, the 2020 NAR Home Buyer and Seller Generational Trends Report found, on average, sellers 55-to-64 years old gained $72,100 (37%) in equity. Meanwhile, sellers 65 to 73 gained at least $75,500 (41%) in equity, compared to sellers age 74 and over who gained $103,000 (58%).
2. You Can Relocate Near Family
That return on your investment can make it a lot easier to move closer to the grandkids, your siblings, or even longtime friends who are just like family. Imagine being able to have the grandkids over after school and host dinners to celebrate birthdays, graduations, or just Sundays. By selling your current home, that dream could become a reality.
3. Downsizing Gets You More
Downsizing your home has several upsides. By selling your home and moving into a smaller, less expensive house, you gain more financial freedom. You’ll also get valuable time back that you’d otherwise have to devote to home maintenance and care. After downsizing, the only question will be: What should you do with all your free time?
4. You Can Get Top Dollar
With listed home prices on the rise and the prevalence of bidding wars, it’s no surprise that the trend line has prices continuing to tick up. That is excellent news for sellers.
A recent study projected housing prices are expected to climb 8.0% in 2021 and 5.5% in 2022.
5. Homes Are Selling Quickly
While the prices keep going up, houses are going fast. Sellers age 55+ had their homes on the market for an average of three-to-four weeks in 2019 and today homes are selling within days of being listed. With homes selling so quickly, potential buyers are more likely to put in higher offers.
6. Interest Rates Are at an All-time Low
This hot market means a lot of people are looking to buy houses right now, and low interest rates are incredibly enticing. While those low rates will bring buyers to your door for open houses and speed up the offers, they also mean you can take advantage of the same low rates as you look to buy your next home.
7. AARP Members Are Eligible for Cash Benefits
Getting top dollar for your house isn’t the only advantage to selling now. When you use AARP® Real Estate Benefits from Realogy, you can earn anywhere from $300 to $7,200 in benefits. This is based on the sale or purchase price of your home. There is no fee to sign up and, depending on the location of your home, you will receive your benefits as cash, a gift card, or a commission reduction.
Once you decide you’re ready to sell your home, your next step is to partner with a professional real estate agent. In 2020, 89% of sellers age 55+ used an agent or broker to sell their homes. Realogy agents have specialized experience working with sellers over the age of 50. These agents are prepared to guide you through every aspect of listing your home in today’s market, such as setting a price, negotiating, preparing for closing costs, and more. Sign up with Realogy, no obligation, for free and get the support, benefits, and best-in-class service you deserve – without any hidden fees.
Click here to calculate the cash benefit you could receive when selling or buying a home using your AARP Real Estate Benefits from Realogy. Or call 866-860-8232 to speak to an advocate and learn more.
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