We’re going to get right to the point – if you’ve been thinking about selling your house but aren’t sure if now is the right time… HomeLight’s 2021 Q1 survey shows that it’s a strong seller’s market in most of the country. In fact, 97% of surveyed agents say their markets are perfect for sellers to finally put their houses on the market.
If you need some reassurance, here are a few reasons why you don’t want to dawdle too long on this.
Demand for houses soar
All over the nation, markets are experiencing a decline in housing inventory. A big reason there’s a big demand for houses is because buyers are eager to take advantage of the still low interest rate. Sure, it’s increased over the past month, but that’s not stopping buyers. In fact, buyers want to give themselves the upper hand by submitting offers without the usual contingencies, such as home inspections and appraisals.
Bidding wars increases housing prices
Home prices have risen steadily over the years, but 94% of real estate agents say they are seeing more bidding wars break out on their properties. In a heated market, buyers not only submit offers without contingencies, but they’re offering the full asking price. But, what happens if there are several offers coming in at asking? Buyers will keep increasing their offer price just to stay in the game. Unfortunately, this could lead to some buyers to get in over their heads if they aren’t mindful of their budgets.
More offers = quicker closing
The lack of contingencies often leads to a faster sale. If there aren’t any home inspections to be done, no appraisals and the buyer is offering cash… It’s pretty much a done deal. Even if the seller goes through a home buying company, closing is going to be much quicker than a traditional transaction, which could take around 54 days or more.
Relocation becomes a possibility for remote workers
Businesses have had to figure out ways to keep the business going and a result of this was allowing employees to work remotely, if their jobs could be done that way. This led to about 40 to 60% of the workforce to work from home! Plus, it’s estimated that up to 30% of those jobs will become permanent! With remote work a good possibility, people would be likely to pack up their stuff and go to an area that’s more affordable, less crowded, and have more space for your dollar.
2021 is perfect for selling
Putting your house on the market isn’t something you decide to do on a whim. It takes careful consideration, timing, and knowledge of the market. You need a top-selling real estate agent on your side to walk you through the transaction from start to finish. Right now, if you’re a seller, you’re sitting on a cash cow. Buyers are buying houses so quickly, some properties aren’t even on the market for a full 24-hours!
2021 is the year of the seller. Housing inventory is low, so the likelihood that your house will get sold quickly is pretty much set. Prices can be elevated slightly, but bidding wars and eager buyers can quickly increase the price so you’ll probably get more than what it appraises for. If you live outside of a big city, your property could be scooped up by city-dwellers who are looking for a quieter neighborhood.
If you’re still considering selling your house, we strongly suggest talking to a real estate agent because they’ll give you a better look at the local market. With their advice and insight, your home sale could be very profitable.
Published on 2021-07-29 11:28:53