Are you thinking of listing your property this year? Housing market experts have predicted a year of high demand and rising home prices across the nation, a trend that’s spurred by a low inventory of available homes for sale and low mortgage rates. Being a seller’s market in most states across the nation, you can benefit if you choose to sell now.
You’ll likely get a high asking price for your home
A strong home price growth in your area is a good indicator that it’s the opportune moment to sell. The lack of adequate home supply on the market offers a better chance for sellers to benefit from eager buyers, rising prices and multiple purchase offers. The bottom line is you want to take advantage of the rising home prices and collect your maximum proceeds before prices start to cool again. And that really counts because you’ll need that extra money when buying your next home.
Buyers are interested; Regardless of your neighborhood
Buyer demand across the country is incredibly strong. Potential homebuyers who shelved their plans due to the challenges of 2020 are now experiencing a pent-up demand to buy. With soaring home prices, some buyers may be less picky. In fact, the more eager ones may be willing to look into less popular neighborhoods, even in rural settings with no convenient access to highways or homes that aren’t in close proximity to a big city.
Working remotely has further played a huge role in suburban living choices, as it now makes sense for buyers to purchase homes located away from the bustling city. Therefore, you might want to think again if you feel your home isn’t what buyers are looking for.
If you’re in a market seeing fast home sales, it’s time to sell
Usually, when the market drops below 3 months’ worth of inventory, sellers have a clear advantage. That puts you in the powerful position to command a higher price and make few to no concessions. In other words, you stand a better chance of selling your home for the asking price in the current climate. If you’re thinking about selling your home, go ahead and list it, especially in the upcoming Spring and Summer seasons – the busiest and most lucrative time for sellers.
Making ends meet every month feels like a stretch
Thankfully, the economy is starting to recover, but not everyone is back on track. If you are feeling overwhelmed with all the costs of current homeownership or are waiting to go back to work after being furloughed, it’s probably a good idea good time to sell your house and downsize to save money rather than wait for the inevitable.
But after selling your home, you probably won’t be in the driving seat anymore and might struggle to find a new home due to the limited supply that’s currently being experienced. The higher home prices could also negate the profits made after your home sale, so it’s imperative to do some research to see what buying options you have before deciding to sell.
Whether you are looking to upsize to a larger place, move closer to family, or relocate to a new city, now might be the best time to put your house up for sale. Of course, this should be after putting your personal situation into account.