Want to be a spring seller?
When selling a house, most homeowners hope for a quick sale at top dollar. If you’re waiting for the right time to sell, the market is calling you right now. Here are three reasons why this is the perfect time to sell your house:
1. High buyer demand. We hear this repeated daily. It is definitely a sellers market with high buyer demand and low inventory. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 55.1% compared to this time last year. When your house is featured to get a buyer’s attention, you’re in the driver’s seat for the deal.
2. Inventory is low. Buyer demand is so high that the market is running out of available houses for sale. Most listings have backup offers. Realtor.com reported that home inventory decreased by more than 48% in the past year. This means there were 496,000 fewer homes for sale this February compared to last year. And the National Association of Realtors (NAR) reports that 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.
I recent read a story of a Washington DC home that had 88 offers including 76 all-cash offers. Wow!
3. Use your home equity. According to CoreLogic, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as home values appreciate. Equity is the difference between what you owe on your mortgage and what your home is currently worth. As your home value grows and your mortgage lessens, your equity increases.
And as many situations have changed in the past year – more of us are working from home or are looking to upsize or downsize based on the amount of time we are home. Maybe you are looking for a pool and backyard oasis. Or more land to grow your own garden. Want a larger garage to work on DIY projects or a home gym? We’re all spending more time at home and our needs may be changing. Selling now gives you a chance to find your dream home.