Preparing to Sell
Traditionally, it’s usually right after school ends that people make the decision to list their home for sale and search for a new one. The shortage of available homes is having many people gear up and make their best offers possible, but will there be any more homes to hit the market? The answer: yes. It is a hyper-competitive market and as the economy recovers some and more people get vaccinated, there are more people willing to sell their homes. According to Doug Duncan at Fannie Mae, the percentage of homeowners who say it’s a good time to sell their home increased from 61% to 67%.
Here are the benefits to selling this spring:
Buyers want a house! Pure and simple. The demand is very high and has been. There are still significant shortages of homes in the marketplace. Buyer showings are up 51.5% compared to last year according to ShowingTime.
Inventory is so low! Realtor.com reported, “Nationally, the inventory 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.” Homes are only sitting on the market for 21 days in extreme cases.
Selling a home in today’s market can give the seller leverage that allows you to have the upper hand in negotiations. NAR is reporting an average of 3.7 offers per house. If any of the other blogs haven’t made it clear, now is a great time to consider selling your home.
CoreLogic did a study reporting the average homeowner gained $17,000 in equity over the past year and with interests still low, you can find a home that may fit your needs better than your current home.
Reaching out to a reputable and local lender and agent can help you answer any questions you may have if you are considering selling and finding a new home. The Jen Martinez Team and her network of real estate professionals would be pleased to help you!
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. CrossCountry Mortgage, LLC (“CrossCountry”) does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by CrossCountry.