IS NOW THE RIGHT TIME TO SELL YOUR HOME?
You may be on the fence about selling your home right now. Many people wait until spring or summer, but NOW is the right time - here is why. Demand is sky-high, supply is low, and buyer competition is fierce. As real estate professionals, we are always working to provide you with current and relevant information to make the most informed decision that you can as a homeowner. Continue reading for even more information on the current market and what it would mean for you as a seller.
Home showings are often a tell-tale sign of how successful your home will be on the market. It shows people are interested in looking further into your home and want to learn more. Compared to this time last year, home showings are currently up by +47.2%! This means that many homes are seeing almost DOUBLE the amount of home showings than the previous year. As a seller, this means you will have much more activity if you sell right now and will likely have many people interested in your home.
Many people do not consider inventory when deciding whether or not to sell - but it is a very important factor. Currently, inventory of houses for sale is down by -43%, a significant decrease since last year. This is a VERY good thing for someone who is interested in potentially selling their home. Why? Because it means less competition - and a lot more eyes on your home than ever before. Due to many people holding out until Spring to sell their home, there are so few homes on the market that buyers do not have many choices and therefore are much more likely to be interested in your home than if there were more available options. Your home is likely to get way more attention now than if you were to wait to sell in a market when everyone else is trying to sell as well.
Due to low inventory, competition is fierce! The market is oversaturated with buyers who are extremely serious and eager to find a new home. According to the NAR, bidding wars have increased to an average of about 3+ offers (although many homes see many more than this). Buyers are more competitive than ever and are willing to pay more or compromise on other fine details in order to stand out from others. As a seller, this puts you in total control and allows you to not only be confident that you will get multiple offers, but will be able to sell on your own terms.
So, to answer the big question - YES! Selling right now means more attention, less competition, and an easier selling experience on your own terms. These are market conditions we have not seen in a long time and will not last for long, so do not wait! Reach out to us if you have any questions about how your home fits into the market or how we can help you to sell your home.