What Can Home Sellers Expect in 2020?
Louisiana Realtors • December 31, 2019
Selling your home is a big decision and the success of the outcome of this transaction is based on a number of variables. Market conditions, the economy, and more all influence the amount of time that a “For Sale” sign stays in your yard, as well as the figure on your check at the closing table. So as we enter not only a new year, but a new decade, what can you expect if 2020 is the year you decide to sell your home?
Mortgage Rates Will Decrease
While you may not consider falling mortgage rates as a variable that impacts the home selling process. But this is a condition that can work out in your favor. Buyers will be motivated by low interest rates, meaning they could make you an acceptable offer sooner rather than later. Working with a knowledgeable, professional REALTOR® can help you gauge your expectations in terms of both asking price and a selling timeline.
Home Prices Will Increase
Obviously the sale price of your home is a major, likely the most important, result of selling your home. The good news is that for the past several years home prices have been on the rise. While the increase has sagged year-over-year, it is an increase nonetheless. This means that you can capitalize on a higher asking price than you may have thought. However, this environment of higher prices can quickly exceed many buyer’s budgets. Leveraging the experience and expertise of a REALTOR® can help you find a balance between a lucrative and competitive asking price that won’t leave your house on the market for months.
NAR is pleased to share the latest consumer guide focused on state and local tax (SALT) deductions . This guide explains federal tax law changes that temporarily quadruple the amount of state and local taxes (SALT) that taxpayers can deduct and will make homeownership more accessible and affordable, especially for people in higher-tax states. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: Assistance Programs Real Estate Auctions Working with a Real Estate Attorney Making Your Home More Energy Efficient Buying a Historic Property Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on August 6, which will cover packing tips and tricks.
The Louisiana REALTORS® Board of Directors will elect six (6) LR At-Large Directors at its October 8th meeting. Qualifications and an application for the position can be found below.
From flood zones to hurricane season, Louisiana clients have big questions. Learn how REALTORS® can confidently respond with local insights that build trust and close deals.
