Are you feeling good about 2020 and beyond? If so, your optimism is in sync with about 3/4 of the country:
CBS News Poll found that 75% of Americans say the economy is in good shape. That is the highest in almost 20 years.
The Gallop’s annual Mood of the Nation survey conducted Jan 2-15, 2020 found that 74% of Americans are feeling good about the future and expect to be better off financially in a year from now. This is a record-high level of optimism since 1977.
And note that the Gallop survey also showed that 59% of Americans are better off financially today than a year ago, that is up 50% from the prior year.
Low unemployment and record highs in the stock market are boosting people’s confidence in their current economic prospects. This general optimism affects home owners thinking about selling their home.
High levels of confidence in the economy embolden buyers to jump into the home buying process. If your current home is too small, or too big for you, this is a good time to sell your home and find a size-appropriate home. Confident and qualified buyers are abundant and the housing inventory is slim so buyers are willing to aggressively compete for a home like yours.
If you bought your current home during the downturn of 2009-2011 out of pure wisdom, just because you were smart enough to listen to your agent or because you are just plain lucky; you have built up quite a bit of equity and now is a great time to trade-up into your new home.
And if you are thinking about buying your first home, the competition will be tough. So, you need to be ready. Luckily, there are a few things that you can do to rise to the top when making an offer:
Prequalify for your financing with a reputable lender.
Work with a good agent who can negotiate your way into a winning bid.
Put yourself in the most flexible position possible when it comes to timing of your move.
The good news for buyers in this election year is that the interest rates are expected to remain low. So, be patient and don’t let the low inventory or competition from other buyers discourage you.