If you’re thinking about moving, selling your [area] house this winter might be the way to go. Here are four market trends that you should take note of when making your decision.
Buyers Are Active
It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms.
Supply Is Low
The National Association of Realtors (NAR) recently announced that there were only 1.49 million units available for sale. That number was down 18.6% from the same time one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers.
Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.
Transactions Are Closing Quickly
Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to a recent report from Ellie Mae, the time needed to close a loan is just 49 days.
Housing Needs Have Changed
You’ve likely spent much of the last six months in your current [area] home. Perhaps you now realize how small it is, and you need more space. If you’re working from home, your children are doing virtual school, or you just need more room, your current floor plan may not work for your family’s changing needs.