It may be difficult for expired listings to want to step back into the water, or even dip a toe, into the selling market again. However, there are some good reasons to give them to help win them over. You, as a Realtor in Manhattan have the advantages of knowing the market, the potential buyers out there, and you have the necessary tools to sell these properties. Oftentimes, the biggest battle is getting these expired listings back on board to try again. Here are 4 reasons you might be able to use to persuade your contacts that 2019 is the time to sell.
1. There are still new buyers ready to buy even with a slow down overall.
Although with interest rates rising a bit, so much unknown about how the year will go, and less buyers potentially pursuing homes for sale, there are still buyers out there. Because the inventory of housing remains low as well so there will still be buyers on the prowl, and competitive ones as well. One group in particular is millennials. This population of 18-34 year olds are still out buying homes and still plan to be in the next year. Most of this demographic is first time buyers.
2. Interest rates are still manageable.
While climbing a bit, interest rates are still in a good place. They reached 4.87 percent in November for a 30-year, fixed-rate mortgage, per data from Freddie Mac. While this isn’t particularly low it’s nowhere near the highest recorded interest rates of 18 percent in the 1980s. So the bottom line is if you’re looking to sell and purchase your next home, do it sooner rather than later.
3. You have built equity.
This is especially true if you bought during the recession or shortly afterwards. But it’s true for all homeowners. As you paid down your mortgage, took care of routine maintenance tasks, and took on renovation projects (large or small) to improve the quality of your home, you were building equity in your home. Now, selling is a good idea as you will still be able to reap the benefits of that equity. It’s still profitable for you to sell. Then you will be able to utilize those funds for a down payment on your next home.
4. If you’re on the fence, selling sometime this year is better than putting it off.
Because of the variance expected in the housing market potentially starting as early as 2020, this is a great time to sell and still get that equity. In a survey of 100 U.S. real estate experts and economists by real estate information company Zillow, many predicted the housing market to face difficulty in the coming years. While of course we don’t know that for certain, it seems if you’re considering putting your expired listing back on the market, do it this year and sooner is better.
Give these 4 reasons to your expired listings today to help convince those on the fence that selling soon with you is their best option to sell successfully and reap the benefits of the current housing situation.
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