This is a big question! Today, many of us are facing this dilemma. Yes, like the ol’ saying goes in cards “you gotta know when to hold em and when to fold em.”

The year 2019 has just come off  a record selling year in home sales. 

As of April 2019, there have been roughly 673,000 houses sold in the US this year, which is 12.4 percent more than last year (U.S. Census Bureau, 2019). The Midwest has the highest rates of homeownership in the nation at 68.2%, followed by the South at 66.2 percent (U.S. Census Bureau, 2019). 

For homeowners contemplating selling their home this year, chances are you’re assuming that when you are ready to sell the market will be as good as it is today. 

Maybe so, or maybe not. One thing you can count on is that there are key housing market drivers that suggest 2020 could be a very good year to sell your home.

Mortgage rates started 2020 with a bang.

The average 30-year mortgage rate hit a three-month low in late-January, touching 3.60%, according to Freddie Mac.

Can rates go lower? Some think so. Economic factors and world events are suppressing interest rate levels.

But home buyers and refinancing homeowners shouldn’t become complacent.

“Rates could jump at any time. If you find a low rate, lock it in. Mortgage rates are a fantastic value right now.” (Tim Lucas, Mortgage Reports Editor Jan. 24, 2020)

But, even if we get by the next few years without a recession, mortgage rates are in the buyer’s and seller’s favor. Buyers demands are sensitive to interest rates. 

We say timing is everything. Especially, if you are thinking of retirement. Most people have a figure in mind of what equity they have in their homes. A slump in the housing market could be very disappointing.  You will have to be comfortable in taking less for your home. You will have that figure of what you wanted for your home set in your mind. Yes, that was the price that 2020 presented, but maybe not in the coming years. 

Since 2020 is the year of a presidential election you would expect real estate to slow down a little bit. However, we have almost historically low interest rates, record low unemployment, and a very strong economy. With these statistics we may look back and find that 2020 was a good year for real estate. 

If you are considering selling your home and you are flexible to consider a sale sooner rather than later, this could be a smart way to make a profit and make the move. 

THOUGHT FOR THE DAY:  A mother is she who can take the place of all others, but whose place no one else can take.