Why Now Is a Great Time To Sell Your House
As the year draws to a close, more homeowners are seeing the advantages of today's sellers' market. Homeowners are being enticed to make a move that fits their changing lifestyles by record-breaking house price increases, growing equity, low inventory, and competitive mortgage rates.
In fact, according to recent data from realtor.com, a bigger percentage of homeowners intend to offer their homes this winter. As a result, more properties are likely to join the market, providing purchasers with more options.
According to George Ratiu, Realtor.com's Manager of Economic Research:
"Many Americans' plans have been put on hold as a result of the pandemic, and homeowners eager to move on to the next stage of life are no exception. According to recent survey data, the majority of potential sellers are actively planning to enter the market this winter."
If you’re thinking of waiting until the spring to sell your house, know that your neighbors may be one step ahead of you by selling this winter. If you want to stand out from the crowd, this holiday season is the best time to make sure your house is available for buyers. Here’s why.
Sellers are still firmly in control of the situation.
In the past, a typical or neutral market required a 6-month supply of properties for sale. This level ensures that active buyers have enough homes to choose from (see graph below):
According to the National Association of Realtors' (NAR) recent Existing Home Sales Report, there is a 2.4-month supply of houses for sale. This is much below the level of a neutral market.
How Does This Affect You?
It's much more difficult for buyers to find homes to buy when the supply of available homes is as low as it is today. This increases buyer competition, prompting them to submit increasingly competitive offers in order to beat out other buyers in the home search process. As a result, prices rise and your seller leverage increases, placing you in the greatest possible position to negotiate a contract that fulfills your ideal terms.
While the shortage of housing supply we're experiencing won't be rectified immediately, sellers should act swiftly this season to optimize their profits. With more potential sellers expecting to list their homes this winter, the research suggests that selling sooner rather than later helps your home get to the top of a holiday buyer's wish list, allowing you to close the best possible offer.
You have the best chance of being in front of buyers competing for houses this holiday season if you list your home in the next few weeks. Let's talk about how you can take advantage of today's sellers' market.