Let’s put that old chestnut, “there’s no time like the present,” to the test! While the housing market forecast for the second half of the year remains positive, there may not be a better time to sell than right now. Still not sold on the idea? Here are four things to consider to help you decide.
1. Your House Will Likely Sell Quickly
If we look at a recent report from the National Association of Realtors, the numbers tell us that homes continue to sell quickly. Great news! What’s even better, is that the report notes homes are selling in an average of just 17 days. Whoa!
What does this mean for you? Average days on market is a strong indicator of buyer competition (more on that coming up in the next item!), and homes selling quickly is a great sign for sellers. It’s one of several factors that indicate buyers are motivated to do what it takes to purchase the home of their dreams.
2. Buyers Are Willing To Compete for Your House
In addition to selling fast, homes are receiving multiple offers — an average of 5 — and these offers are competitive ones. This confirms buyers are ready and willing to enter bidding wars for your home. Yes, it is yet another win for sellers! Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.
3. When Supply Is Low, Your House Is in the Spotlight
Great, your house will sell quickly and competitively. We’re in the right track! What’s next? One of the most significant challenges for motivated buyers is the current inventory of homes for sale, which while improving, remains at near-record lows — down 20% from just one year ago!
There are signs, however, that more homes are coming to market. Which means 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.
4. If You’re Thinking of Moving Up, Now May Be the Time
Sellers, meet equity, your new best friend! Over the past 12 months, homeowners have gained a significant amount of wealth through growing equity. In that same period, homeowners have also spent a considerable amount of time in their homes, and many have decided their house doesn’t meet their needs. Fair enough.
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. Increases are expected in the coming months — annnnd we’re back to there’s no time like the present.
As interest rates rise, even modestly, it could influence buyer demand and your purchasing power. If you’ve been waiting for the best time to sell to fuel your move up, you likely won’t find more favorable conditions than those we’re seeing today.
With supply challenges, low mortgage rates, and extremely motivated buyers, sellers are well-positioned to take advantage of current market conditions right now. If you’re thinking about selling, let’s connect today to discuss why it makes sense to list your home sooner rather than later.