Why You Should Sell Your House Now!

Dated: May 19 2021

Views: 293

3 Graphs Showing Why You Should Sell Your House Now

There’s no doubt that 2021 is the year of the seller when it comes to the housing market. If you’re a homeowner thinking of moving to better suit your changing needs, now is the perfect time to do so. Low mortgage rates are in your favor when you’re ready to purchase your dream home, and high buyer demand may give you the leverage you need to negotiate the best contract terms on the sale of your house. Here’s a look at what’s driving this sellers’ advantage and why there’s so much opportunity for homeowners who are ready to move this season.

1. Historically Low Inventory

The National Association of Realtors (NAR) explains:

 “Total housing inventory at the end of March amounted to 1.07 million units, up 3.9% from February’s inventory . . . Unsold inventory sits at a 2.1-month supply at the current sales pace, marginally up from February’s 2.0-month supply and down from the 3.3-month supply recorded in March 2020.”

Even with a slight rise in the number of houses for sale this spring, inventory remains near an all-time low (See graph below):3 Graphs Showing Why You Should Sell Your House Now | Keeping Current MattersHigh buyer interest is creating a major imbalance between supply and demand, but as the small uptick in inventory shows, sellers are beginning to reenter the market. Selling your house now enables you to take advantage of buyer demand and get the most attention for your house – before more listings come to the market later this year.

2. Frequent Bidding Wars

As a result of the supply and demand imbalance, homebuyers are entering bidding wars at an accelerating rate. NAR reports the average number of bids received on the most recently closed sales is 4.8 offers. This number has doubled since the first quarter of 2020 (See graph below):3 Graphs Showing Why You Should Sell Your House Now | Keeping Current MattersAs buyers face increasingly tough competition while searching for homes to purchase, they’re more likely to be flexible and generous in their negotiations. This gives a seller the opportunity to choose the best buyer for their needs and be selective about things like time to close, contingencies, renovations, and more. Working with your trusted agent is the best way to determine how to navigate the negotiation process when selling your house.

3. Days on the Market

In today’s market, sellers aren’t waiting very long to find a buyer for their house, either. NAR reports:

Properties typically remained on the market for 18 days in March, down from 20 days in February and from 29 days in March 2020. 83% of the homes sold in March 2021 were on the market for less than a month.” (See graph below):

3 Graphs Showing Why You Should Sell Your House Now | Keeping Current MattersNAR Chief Economist Lawrence Yun explains:

“The sales for March would have been measurably higher, had there been more inventory…Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.”

Bottom Line

If you’re thinking about moving, these three graphs clearly show that it’s a great time to sell your house. Contact a real estate professional today to learn more about the opportunities in your local area.

Written By: KCM Crew

Latest Blog Posts

Top 7 Common Home Inspection Findings

Whether you’re a first-time buyer or not, purchasing a new home is an exciting accomplishment. It can also represent a lot of work and a serious investment, hence the importance of hiring a

Read More

Real Estate: It’s Still a Lack of Supply, Not a Lack of Demand Real Estate: It’s Still a Lack of Supply, Not a Lack of Demand

Real Estate: It’s Still a Lack of Supply, Not a Lack of DemandOne of the big questions real estate professionals are asking these days is whether prospective homebuyers still believe

Read More

Renting in 2021

In many areas across the country, according to recent data from realtor.com, median rental prices have reached their highest point ever recorded. Rents increased by 8.1 percent from the same time

Read More

SIX THINGS HOME BUYERS NEED TO BE AWARE OF IN TODAYS MARKET

Six Things Home Buyers Need To Be Aware Of  In Todays Market. But with help from 12 Stones NWA Brokered by eXp Realty Rogers we are here to walk you through them all!“Let the buyer.&

Read More