The 2020 housing market is shaping up to be an interesting one. Even though our economy is growing, trade uncertainty and slowing business investment have some experts predicting that a recession could be coming.
As a result, many expect mortgage interest rates to stay low, which is good news for home buyers. At the same time, available housing inventory is projected to remain tight, meaning that prospective sellers will likely have options to pick from once they’re ready to accept offers.
With all that in mind, whether you’re getting ready to sell your home, buy something new, or tackle both moves at the same time, you’ll want to be prepared. Read on to get actionable tips for a move in 2020 and make your housing-related resolutions a reality this year.
Tips for buying a house in 2020
1) Figure out if it’s the right time to buy
Before you kick off your new home search, it’s important to make sure the time is right. While external factors like seasonality and local market trends may play a role in your decision, the most important considerations are personal. Take the time to evaluate your finances, as well as any big lifestyle changes that may be on the horizon, in order to determine if a move makes sense for you right now.
2) Find out how much you can afford to spend
If you decide you’re ready to make a move, an important step toward buying a home is to get pre-approved for a mortgage. Take a close look at your financial situation to help you determine how much you can afford to spend on a home. This will help you hone in on your ideal price range when looking at potential properties.
3) Zero in on your buying criteria
Aside from how much you’re willing to spend, start thinking about any other criteria that you have for your new home. Think about where your preferred location may be or how many bedrooms and bathrooms you’ll need. Then, when you’re ready to start looking at listings, keep these questions in mind to help determine if a property is a good fit for you.
4) Go shopping
Now, the fun part: It’s time to start going on a few house tours. Don’t be discouraged if you have to look at several before you land on your dream home. Before you know it, you’ll be ready to make an offer!
Tips for selling your house in 2020
1) Identify if it’s the right time to sell
Just like with buying, timing is an important consideration when selling your home. It helps to take into account factors like the time of year and the strength of the market, as those details could directly impact the sale price you receive. Also, think about how your personal circumstances may impact your decision.
2) Understand your financial spending power
After you’ve determined that the timing is right for you to make a move, take a look at how much financial spending power you could get from your home sale. It’s helpful to know what you can do to sell your home for top dollar. In addition, you’ll want to take into account the costs of selling a house before you start mentally spending any money.
→ If you’re unsure how to get started, our home sale calculator can help you get a sense of what your net proceeds could be if you sell.
3) Determine what’s most important to you when selling
While some people want to work with a real estate agent and are willing to wait for the highest possible offer, if you’d rather sell your home fast, it may make more sense to work with an iBuyer like Opendoor. With an iBuyer, you’ll be given an offer that’s based on your home’s competitive market value and you’ll also have the freedom to pick your own closing date.
4) Prepare your house for resale
If you sell the traditional way, before you hit the market, take the time to prepare your house for resale. To do this you’ll want to tackle any necessary repairs that you may have put off. You may also want to look into doing a few, small home improvement projects to help increase the home’s overall value.
→ Skip the hassle of preparing your house for sale by selling to Opendoor directly. Request a no-obligation offer today.
Tips for buying and selling two houses at the same time
Buying and selling a home at the same time is tricky, but it can be done. If you’re going the traditional resale route, many decide to sell their home first and then use the proceeds from the sale to fund the down payment on their new home.
These days there’s another option that gives you more control over your moving timelines. You can opt to do a trade-in with Opendoor. You’ll receive a competitive cash offer on your home and the option to align your closing dates so you can avoid the stress of a double mortgage or a double move.
Make 2020 a year to remember
With these tips in mind, you and your family are set for whatever home buying and selling opportunities may come your way in 2020. Cheers to kicking off a new decade with the freedom to move when and how you want to!