Is It Smart to Sell in an Election Year?
Here’s why I think now is the perfect time to sell a home.
There have been so many people reaching out to me asking about the election and whether they should sell now or wait until next year. Here are four reasons why you should talk with an expert agent about listing your home before the end of 2020:
1. High buyer demand. The demand from first-time homebuyers is off the charts. I’ve never seen demand like this before. We thought millennials would be the generation that rents forever, but we were clearly wrong about that.
2. Low interest rates. They are so low that we are starting to take it for granted. Going back to February of this year, rates are down by almost 1%. They’re starting to creep back up as news of COVID vaccines starts to come out. The more good news that comes out, the higher rates are going to go. This means you should take advantage of them at their low point now.
Rutherford County is actually seeing double-digit home value growth.
3. Housing appreciation rates. They’re still crazy good. In the Middle Tennessee market, home values are up around 8.5% from where they were last year. Rutherford County is actually seeing double-digit growth.
4. The election. Inventory drops around 10% every November and December. The last 14 election cycles have been tracked, and in an election year, that figure goes up to around 15%. As for this cycle, I don’t think we’re going to be down at all. I think we’re going to be drastically up in November and December. I keep a close eye on showing traffic, which is a leading indicator of home sales. Showing traffic for our area of the country is up 61% right now, which is a fantastic sign.
When it comes down to it, there are four big reasons I believe now is the time to sell and I don’t think the election will have a negative impact on the housing industry in the near future. If you have any questions for me or need some advice about your personal situation, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.