Spring 2021 is an awesome time to be a seller! When selling a home, most homeowners want an easy, quick and profitable transaction. And this spring is the perfect time for that.
1. There is an absolute high demand from home buyers. Showing time which tracks showings, state that showings are up 51% year over year from January 2021 over 2020. What this means is that when your house is in the position to be on the market, you should do very well. People are eager to see homes.
2. There aren’t enough houses for sale. Inventory is so low. This is great news for sellers because when the demand is high and supply is low, prices will rise. We have been seeing that in the past year. Supply has been down nationwide to almost 50% meaning sellers are in a much better position to capitalize in this market.
3. You as a seller have a lot of leverage in today’s market. There are contingencies with contracts. Normally they involved inspections, appraisals, etc. Since buyers are so eager to have their offer accepted, sellers are able to negotiate out a lot of the normal contingencies escalating buyers well over asking price. Leverage happens as supply continues to be low and demand is high.
4. This is a great time to use your home equity. Homeowners among the US have seen their home equity grow to about $17,000 in the last year. This is the time to bank your equity and roll it into your next house. This is exactly what we did to get into the beautiful home we are in now. We bought for $272,000 in 2008 and sold for $463,000 in 2018. We put a sizable down payment on our current home, and put the rest aside for savings/home improvements. We already have close to $200,000 in equity in our new home after just 3 years.
5. It’s a chance to find a home that meets your needs. As summer approaches, outdoor space is highly sought after, home offices are a must, and kids need space to do school. If your home is lacking, this is the time to find one that is perfect for you.
While this is a sellers market, don’t fret if you are looking to buy. We are still getting buyers into houses they are excited about. This year, we have already been able to get many of our clients into the home that they want at a reasonable price! We recently had clients who were ready to throw in the towel after 4 weeks of searching (and losing bids) in this grueling market. We convinced them to stay the course for a little longer, and in a matter of days they were under contract on an amazing home for just slightly over asking. We seized an opportunity that avoided a bidding war, and now they are happily settling into their new home. Yes it is a tough time, but prices continue to rise. So why wait?
Source: Keeping Current Matters