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Did you know that the unemployment rate in the USA fell to 7.9% in September of 2020?
While the economy is showing signs of recovery, employment is picking up slower than most commentators expected.
If you are thinking of making a financial decision such as changing jobs or selling your house, you may be concerned about what the future will bring.
For instance, is now a good time to sell a house? Why not follow our in-depth article as we list some of the factors that will affect this decision.
Usage of Homes has Changed
In short, right now people need houses more than ever. This is because, in the current age of COVID-19, people are not only sleeping in their houses. They are setting up an office and working full time from home. Children are receiving their schooling from home. All of us are socializing in our home to avoid unnecessary risks.
This has led many people to want to seek out the comfortable home of their dreams. This has changed the market and given sellers a decided advantage.
Home Buying is Popular
In 2020, people are falling out of love with mega-cities. The growing negative view of crowded locations, the tiredness that people feel because of the coronavirus is driving many people out of once-popular mega-city locations such as NYC.
Even if you feel that your house is not ready to sell, there are many buyers who are looking for a less-than-perfect building. If you are thinking “I can’t make the repairs, I am interested in selling my property as is“, that’s no problem. There are companies who will purchase your house for cash regardless of their state.
Fewer Houses Available
As people migrate out of the largest cities in America, there is suddenly a shortage of homes for them to purchase and move into.
In fact, experts say that there is an all-time low in the number of houses available. This not only means that the number of people who will look at your property will be high, but it also means that the price will be driven higher thanks to a lack of competition.
Interest Rates are Low
in order to encourage further growth and recovery in the economy, the US government has set low-interest rates. This is a great opportunity for house buyers and will translate into a higher number of people interested in your property.
It is hoped that the lower rates will encourage spending across the economy. This includes spending in general. This, experts hope, will encourage sales and employment. These are also part of a solid foundation for someone wanting to purchase a house.
While the economic recovery in the USA may be slower than people had hoped for, itis still happening. This growth, and even the hope of further growth, encourages people to invest in their future, and this will impact house sales.
As employments rates improve over the next few months, expect to see an increase in the number of those who purchase houses as an investment for the future.
Is Now a Good Time to Sell a House and Many Other Important Questions
If you are interested in relocating to a new city or state, you may feel tied down by your property. With the economy facing great difficulties in 2020 you may wonder if there is any hope of you gaining your freedom.
If you have asked the question “Is Now a Good Time to Sell a House?” you now know the answer and the best ways to approach the sale of your house.
Whether you are looking to buy or sell a house, you need solid advice that you can trust. You may want to take a look at our blog articles. We research the latest developments and share them without readership via our feed.