Attention homebuyers – there may not be a better time to sell than right now. Here are four things to consider if you’re trying to decide if now’s the time to make a move.
Competition is at an all-time high
Homes are going fast and buyers are more willing than ever to enter bidding wars for your home.
In addition to selling fast, homes are also receiving multiple offers. Sellers are seeing an average of 5 offers, and these offers are competitive ones. Receiving several offers on your house means you can select one that works best for you.
Your house will likely fly off the market
According to the most recent Realtors Confidence Index released by the National Association of Realtors (NAR), homes are selling in an average of just 17 days.
Average days on market is a strong indicator of buyer competition, and homes selling quickly is a great indication for sellers to place their home on the market. It’s one of several factors that indicate buyers are willing to do whatever it takes to purchase their dream home.
Your home will stand out
One of the biggest hurdles for current homebuyers is the current inventory of homes for sale. Although we’ve seen signs of improvement, inventory still remains at near-record lows.
NAR explains, “Total housing inventory at the end of May amounted to 1.23 million units, up 7.0% from April’s inventory and down 20.6% from one year ago (1.55 million). Unsold inventory sits at a 2.5-month supply at the present sales pace, marginally up from April’s 2.4-month supply but down from 4.6-months in May 2020.”
There are signs, however, that more homes are coming to market. If you’re looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.
You may want to consider moving up
Over the past 12 months, many homeowners have also spent more time in their homes, and many have decided their house doesn’t meet their needs any longer.
If you’re not happy with your current home, you can leverage that equity to power your move now. Your equity, plus current low mortgage rates, can help you maximize your purchasing power.
But these near-historic low rates won’t last forever. If you’ve been waiting for the right time, you likely won’t find more advantageous conditions than those we’re seeing today.
If you’re considering selling, let’s connect sooner rather than later to get you the best deal possible.