Will the value of my home increase even more in 2021?
As-you-know, the home prices have been on the rise for most of this year 2020. That is great news for home owners who have had the flexibility to postpone the sale of their home during this awful COVID-19 pandemic.
And I bet that you also know that the (1) historically low interest rates (2) the shortage of homes for sale and (3) the larger number of serious buyers than there is homes for sale have been the core factors as to why the home values in San Diego California have spiked up..... As-you-know, the scenario of more buyers than there is homes for sale has created a "buyer competition" thus driving home prices up.
As a homeowner who is thinking of selling, you gotta be loving this increase in home values, Right? .... But here is the point of my message, do you think or are you gambling that if you keep waiting to sell your home that it will be worth much more this upcoming Spring and/or the Summer of 2021? You see that is the gamble and may I interject the old saying "quit will you are ahead". By now, that old saying is probably pounding and reverberating inside your head and thus reminding you to "keep your decision on solid ground and keep it real". In other words, sometimes it is best to "cash in" your chips now rather than to take the chance of losing a large portion of your gains if you continue to stay in-the-game of waiting. Just giving you some food for thought here :)
For the upcoming year 2021, there is a lot of prognosticators that say (A) home prices will continue to rise while others say (B) there will be a "downword crash" in home values and (C) others say that there will be a plateau affect and/or a flatlining. In other words the market will have peaked (flatlined) and if there is to be any "downward crash", it certainly will not be as bad as the horrible "crash" of 2008 when home prices dropped by 30 to 40% depending on the area of San Diego County. Could there be a crash similar to 2008? That certainly is hard for anybody to predict. The reality is that nobody knows what will exactly happen to home values come 2021 - and that is a fact.
By now, as a homeowner, you are probably asking "so Oscar what should I do in regards to selling my home?" .... My professional recommendation and/or suggestion is "if you are content with the current increased value of your home and you do not want to take a chance of it being de-valued/reduced in the near future, then it is best to sell it sooner-rather-later". My point is: do not take a gamble of hanging on to your home with the continued expectation of increased values. Granted some homeowners may want to take a chance of "hanging on" but unless they have some Supreme Powers where they can accurately predict future home values, then by all means they can stick with that notion. Otherwise, as I see it, be conservative for it is best to not take that gamble because you could end up with a major loss.
If you are going to sell your home, in the near future, make it a point to contact "4 HOME SALES - Realty" .... Broker Oscar Castillo will consult you on how to get Top Dollar and with the highest NET proceeds to you as possible.
Oscar Castillo : BROKER - REALTOR®