As summer comes to a close and we start looking towards the holiday season, you may be wondering if now is still a good time to list your home. If you’ve lived in the same house for a while, you could stand to make a pretty huge profit if you sell right now. In fact, Pittsburgh homeowners currently have more selling power than ever before.
Why You Should Make a Move Right Now
This year has been a rollercoaster for anyone looking to make a move. During the beginning of the COVID-19 pandemic, many sellers chose to pull their homes from the market. But now that buyer demand has once again outpaced available inventory, home prices just keep getting higher.
This is fantastic news for anyone who has lived in their home for more than a few years. Here’s why you should sell now and cash out on your hard-earned equity.
Homeowners are staying in their homes longer than before
Today’s homeowners are staying in the same house for longer than ever before. Last year, the median length of time spent in a home was a whopping 10 years—that’s almost double what it was before the 2008 market crash.
Of course, there are quite a few reasons to hold off on selling for a decade or more. Many would-be sellers cite rising home prices and economic uncertainty as their top concerns—but some also want to continue building up equity.
The longer you stay in your home, the more equity you build
While selling power has increased across the board, now is a particularly good time for longterm homeowners to finally make a move. According to a study by CoreLogic, the average homeowner has gained around $106,100 in equity since 2010.
Wondering how all of this works? As median homeowner tenure increases and home prices climb, equity (a form of forced savings) can be used to purchase a new house. So if you have your eye on a more expensive home, you may be able to afford it if you’ve built up enough equity.
You could make a fantastic profit
If you’re on the fence about selling, it could be time to sit down and crunch some numbers with your local agent. A new survey on home sales notes that sellers saw a gain of $75,971, up from the $66,500 in the first quarter of 2020 and from $65,250 in the second quarter of last year.
If you need some help determining your equity position, a comparative market analysis is a good place to start. Be sure to tell your agent your original purchase price and when you bought your home, and they’ll be able to tell you how much you could sell for right now.
Bottom Line: Now Is the Time to Sell
While most sellers stand to make a hefty profit in 2020, longtime homeowners could see the biggest payday. If you’ve been building up equity over time, you may want to consider selling and upgrading to a new home.
Have any questions about navigating the Pittsburgh market? Just contact our team to get started!
Get Top Dollar for Your Home
When you’re ready to get the ball rolling on your home sale, the Jim Dolanch Team will be here to help you throughout every step of the process. We have the tools and resources you need to get top dollar and sell fast, and we’re only a phone call away!