Home Sellers Win As Mortgage Rates Fall
March 6, 2020 10:21 AM
by
Navi Persaud
News

Folks looking to sell their homes are coming out as the real winners during a volatile time in the mortgage industry. Rates continued to trickle downward this week to historic lows, putting some prospective buyers in the buying mood much earlier than expected. Now, sellers are reaping the benefits as more buyers compete to purchase a home in order to secure a low mortgage rate.

"Last spring, buyers had more of an upper hand as more properties came on the market and sellers tried to woo back house hunters turned off by high prices and higher interest rates," according to USA Today.

"Now buyers have fewer choices. At the end of January, there were 1.42 million units, including condos, co-ops and single-family homes on the market, up 2.2% from December, but down 10.7% from the same time last year, according to the National Association of Realtors."

The report had some pretty good words of advice for sellers looking to capitalize on an early start to the selling season. Realtors are encouraging sellers to make sure their home is as presentable as possible and also cautioned that overpricing a home could hurt you. However, if your price is set right, you may end up getting your home sold for over the asking price if buyers get into a bidding war.

To learn more about why sellers are prospering click here.

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