Is Now a Good Time to Sell Your Syracuse Home?

A global pandemic, turbulent economy, and general uncertainty has made 2020 quite an interesting year, especially for the real estate market. Back in April, we saw a sudden drop in home sales—but since the beginning of summer, things have finally started looking up again.

Are you on the fence about listing your Syracuse home this fall? We have a few reasons why you shouldn’t wait any longer.

Here’s Why You Should List Your Home Right Now

House with coin stacks

Both buyers and sellers have been pressing pause on their real estate goals since the beginning of this year, and we can’t say that we blame them. However, if you take a closer look at the market, now is actually one of the best times to sell your home and cash out on your equity—here’s why.

Homes are in high demand

Buyers touring a home

Even before the coronavirus pandemic, Syracuse was experiencing a seller’s market. In a seller’s market, the number of buyers outnumbers the available inventory, which helps to drive up prices. And although we did see a steep decline in sales during spring, the market has now made almost a full recovery.

Since lockdown orders were lifted, many home-seekers decided to keep looking for the perfect place—but now that demand is higher than ever before, the dwindling supply of homes simply can’t keep up. This means that you could sell quicker than you might expect…and for a better price.

Mortgage rates have hit record lows

Studying graphs and charts

You may not think mortgage rates affect you as a home seller, but they definitely impact the number of buyers who are out looking for a new place to live. Since 2019, interest rates have kept decreasing and have even dipped below 3% for some types of mortgages.

Wondering what this means for you? Lower interest rates can save a borrower thousands over the lifespan of a mortgage, which makes homeownership a financially feasible option for an increased number of buyers. And as more people search for homes, you’re more likely to sell fast and for top dollar.

Prices keep increasing…for now

Graph showing upward trends

At the beginning of the COVID-19 crisis, both experts and consumers feared a housing market crash akin to what we saw in 2008. However, the market has actually been fairly stable throughout 2020, and prices have continued to increase over time.

If you do choose to list right now, you could stand to make an impressive profit, especially if you’ve lived in your home for a while. However, we could see a price adjustment in the coming months, so you won’t want to wait to take advantage of your built-up equity!

Gearing Up to Sell Your Syracuse Home?

If you’re thinking of putting your Syracuse home on the market, you’ll need the help of an expert agent. That’s where the Pei Lin Team comes in! We have the resources to help you navigate your home sale from start to finish, and we can even help you buy your next place, too. Just give us a call to get started!

Leave a Reply

Your email address will not be published. Required fields are marked *