When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are five reasons why this is the perfect time to sell your house if you’re ready.
1. There’s high demand from homebuyers.
Buyer demand is strong right now, and buyers are active in the market.ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5%compared to this time last year. Daniil Cherkasskiy,Chief Analytics OfficeratShowingTime,notes:
“As anticipated, demand for real estate remains elevatedand continues to be affected by low levels of inventory…On average,each home is getting 50 percent or more requests this year compared to January of last year.As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand.”
When your house is positioned to get a ton of attention from competitive buyers, you’re in the best spot possible as the seller.
2. There aren’t enough houses for sale.
Purchaser demand is so high, the market isrunning outof available houses for sale. Recently,realtor.comreported:
“Nationally, theinventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year.”
The National Association of Realtors (NAR) also revealsthat, while home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically. Houses are essentially selling as fast as they’re hitting the market – in fact, NARreportsthat the average house is on the market for only 21 days.
It’s this imbalance between high buyer demand and a low supply of houses for sale that gives sellers such an advantage.A seller will always negotiate the best deal when demand is high and supply is low.That’s exactly what’s happening in the real estate market today.
3. You have a lot of leverage in today’s market.
Clearly, many more people are interested in buying than selling this spring, creating the ultimatesellers’ market. When this happens, homeowners in a position to sell have the upper hand in negotiations.
According to NAR, agents arereportinganaverage of 3.7 offers per houseand an increase in bidding wars. As a seller, this means the ball is in your court – so much so that you can use yourleverageto negotiate the best possible contract. Demand is there, and now is the perfect time to sell for the most favorable terms.
4. It’s a great way to use your home equity.
According to the latestdatafromCoreLogic, as of the third quarter of 2020,the average homeowner gained $17,000 in equityover the past year, and that number continues to grow ashome valuesappreciate.Equityis a type of forced savings that grows during your time as a homeowner and can be put toward bigger goals like buying your next dream home.
Mark Fleming, Chief Economist at First American,notes:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home– the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”
5. It’s a chance to find a home that meets your needs.
So much has changed over the past year, including what many of us need in a home. Spending extra time where we currently live is enabling many of us to re-evaluate homeownership and what we find most important in a home.
Whether it’s a house that has the features suited to working remotely, space for virtual or hybrid schooling, a home gym or theater, or something else, selling this spring gives you a chance to make a move andfindthe home of your dreams.
Today’s housing market belongs to the sellers. If you’ve considered making a move but have been waiting for the right market conditions, your wait may be over. Let’s connect so you’ll be positioned to win when you sell your house this spring.
Author:Phillip Gonzales Phone: 480-540-3911 Dated: March 8th 2021 Views: 2,465 About Phillip: ...
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Mojica & Associates Real Estate has over 55 years of combined real estate experience here in the Valley. Concentrating on evolving trends in a rapidly growing market, we specialize in finding the perfect opportunity for first time buyers, families looking to upgrade their home, 2nd home buyers and investors. Whether you are looking for the perfect place to hang your hat or finding qualified buyers to purchase your current property at top market prices, we can get it done for you.
Mojica & Associates Real Estate professes that the only way to best serve our clients’ needs is to continually educate ourselves and our agents on the most current and future market trends. Whether it is cutting edge technology to showcase or find the perfect home, making sure our staff is the most knowledgeable in the Valley on contracts, curre nt laws governing real estate sales, short sales, or simply updating our listings throughout the day, we deliver.
Available to you, our most important client, is a vast network of business professionals dedicated to every facet of the buying or selling experience. We specialize in “targeted” marketing that provides optimal exposure through every forum available in today’s competitive market.
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