Is now a good time to sell your home?
Yes. We are in a seller’s market. If you are a seller, this is your time.
For various reasons, including record-low mortgage rates, pandemic related relocating, and increases in remote work options, people are looking for new homes. According to a Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. Median home prices increased by 14% in the past 12 months, per Redfin data, with high-end single-family homes in great demand. The below map shows the mismatch between buyers and sellers by state.
Still, in light of this energetic time within the market, it is important to consider every factor when deciding to sell your home. It is important to be sure the decision is right for your specific situation. Using an experienced and knowledgeable realtor can help you to see all the pieces to the equation of selling your home.
In a recent article from the Wall Street Journal, it is outlined which sellers may have an edge within the market and which do not.
Downsizers and retirees holding the place for sellers with an edge. This is assuming there has been a length of time owning the home that has in turn built up a significant amount of equity. Now, with this equity, they have the availability and affordability to move somewhere more cost-effective.
On the flip side, sellers with less of an edge are those who may not have a plan for their next step. Your home could sell tomorrow, but then where will you live? Although you may win in the sellers bracket, the problem is you will then be on the other side of the equation, facing the same low inventory and cutthroat bidding that originally boosted your profits.
So, ultimately, it is a good time to sell. Of course while keeping in mind what your next steps may be within the market.