Is This the Year to Sell My House?

home selling

If one of the questions you’re asking yourself is, “Should I
sell my house this year?” consumer sentiment about selling today should boost
your confidence in the right direction. Even with the current health crisis
that continues to challenge our nation, Americans still feel good about selling
a house. Here’s why.

According to the latest Home Purchase Sentiment Index from
Fannie Mae, 57% of consumer respondents to their survey indicate now is a good
time to buy a home, while 59% feel it’s a good time to sell one:

“The percentage of respondents who say it is a good time
to sell a home remained the same at 59%, while the percentage who say it’s a
bad time to sell decreased from 35% to 33%. As a result, the net share of those
who say it is a good time to sell increased 2 percentage points month over
month.”

As you can see, many still believe that, despite everything
going on in the world, it is still a good time to sell a house.

Why is now a good time to sell?

There simply are not enough homes available to meet today’s
buyer demand, and they’re selling just as quickly as they’re coming to the
market. According to the National Association of Realtors (NAR), unsold
inventory available today sits at a 2.3-month supply at the current sales pace,
which is down from a 2.5-month supply from the previous month. This record-low
inventory is not even half of what we need for a normal or neutral housing
market, which should have a 6.0-month supply of unsold inventory to balance
out.

With so few homes available for buyers to choose from, we’re
in a true sellers’ market. Homeowners ready to make a move right now have the
opportunity to negotiate the best possible contracts with buyers who are
feeling the pull of intense competition when it comes to finding their dream
home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are
selling right now, further confirming the benefits to sellers this season:

“The market is incredibly swift this winter with the
listed homes going under contract on average at less than a month due to a
backlog of buyers wanting to take advantage of record-low mortgage rates.”

However, this sweet spot for sellers won’t last forever. As
more homes are listed this year, this tip toward sellers may start to wane.
According to Danielle Hale, Chief Economist at realtor.com, more choices for
buyers are on the not-too-distant horizon:

“The bright spot for buyers is that more homes are likely
to become available in the last six months of 2021. That should give folks more
options to choose from and take away some of their urgency. With a larger
selection, buyers may not be forced to make a decision in mere hours and will
have more time to make up their minds.”

 

Bottom Line

If you’re ready to make a move, you can feel good about the
current sentiment in the market and the advantageous conditions for today’s
sellers. Let’s connect today to determine the best next step when it comes to
selling your house this year.

 

Source: Real Estate with Keeping Current Matters

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