As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates are motivating homeowners to make a move that addresses their changing lifestyles.
A recent study shows that more homeowners are planning to list their houses this coming winter and spring, which means more homes are about to hit the market. This will lead to more buyer choices.
While the pandemic has delayed real estate plans for many Americans, it’s interesting to note that this holiday season may be an excellent time to list a home for sale. Many are going to wait until after the new year to sell, so listing this winter may in fact be the proverbial wisdom to be one step ahead.
Sellers are still firmly in the driver’s seat.
Historically, a 6-month supply of homes for sale is needed for a normal or neutral market; this ensures there are enough homes available for active buyers.
Latest data from the National Association of Realtors (NAR) shows the inventory of houses for sale sits at a 2.4-month supply. This is well below a neutral market. When the supply of homes for sale is as low as it is today, it’s much harder for buyers to find homes to purchase.
Serious competition among buyers leads to multiple offers, prices rise, and leverage as a seller rises too. This puts sellers in the best position to negotiate a contract that meets their ideal terms.
Sellers are wise to move quickly to maximize their potential this season. With more prospective sellers planning to list their homes this winter, selling sooner rather than later helps a home rise to the top of a holiday buyer’s wish list, letting a seller close the best possible deal.
Listing a home over the next few weeks gives sellers the best chance to be in front of buyers competing for homes this holiday season.
Connect with the Dennis Hartley Team today to discuss how to benefit from today’s sellers’ market.
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