If you are trying to decide when to sell your house, there may not be a better time to list than right now! Here are four reasons to put your house up for sale sooner rather than later.
1. Your House Will Likely Sell Quickly
On average, homes are selling in just 17 days. As a seller, that’s great news for you. Average days on market is a strong indicator of buyer demand. And, if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.
2. Buyers Are Willing to Compete for your House
In addition to selling quickly, homes are receiving multiple offers. Sellers are seeing an average of 4.5 offers and they are competitive ones. The graph below shows how the average number of offers right now compares to previous years.
Buyers today know bidding wars are a likely outcome, and they are coming prepared with their best offer in hand. 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
One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though it’s improving, it remains at near-record lows. The chart below shows how today’s low inventory stacks up against recent years. The lighter the blue is in the chart, the lower the housing supply.
4. If You’re Thinking of Moving Up, Now May be the Time
If your current home no longer meets your needs, it may be the perfect time to make a move. Today, homeowners are gaining a significant amount of wealth through growing equity. You can leverage that equity, plus current low mortgage rates to power your move now. But these historic low rates won’t last forever. When rates rise, even modestly, it will impact your monthly payment and by extension your purchasing power.
Bottom Line
Don’t delay. The combination of housing supply challenges, low mortgage rates, and extremely motivated buyers gives sellers a unique opportunity this season. If you’re thinking about making a move, give me a call.