Why is now the best time to sell your home?
Are you looking to downsize? Or perhaps upgrade? Are you over homeownership and looking to rent? If there’s any reason at all that you’ve thought about selling your home, it’s time to turn that fantasy into reality ASAP. Why? Because now is an amazing time to sell your home if you want to put the most money back in your pocket.
Low housing inventory = hardly any competition
We’ve told you before and we’ll tell you again: the housing market is starved for inventory. This isn’t great news for buyers, but it’s great news for sellers because you have way less competition. Way less competition means that you can increase your selling price, negotiate less, and will likely see your home snatched up within a week or less. Of course, if more people realize what a great time it is to sell, the housing market may get more crowded, which is why the sooner you can list your house, the better.
The numbers don’t lie
Take a look at some of these stats from Wavy:
29% of buyers paid more than the list price in 2021 (and other buyers typically paid the full list price)
In 2021, the average home was only on the market for one week vs. three weeks in 2019
79% of homes sold in January 2022 were on the market for less than a month
Nearly 75% of sellers didn’t have to offer any incentives to attract buyers in 2021
Almost 26 million Americans say they plan to buy a home this year (this number is likely a bit unrealistic, but it shows the current demand)
Mortgage rates might rise later this year
It’s been difficult to predict what the future holds with COVID-19, but it looks like the virus is here to stay. This means that mortgage rates (which were very low in the past few years) will probably rise later this year since they’re already higher than they were in 2021. The Federal Reserve also noted that it plans to increase its federal fund's rate, which will likely have an impact on mortgage rates. And if mortgage rates rise, buyer demand (and home prices) will likely fall. If you want to get the most money for your home, the time to sell is now.
Are you ready to list?
Even if you’re not sure you want to list, we’d love to tell you more about how much you can earn on your home. Contact us today!