There’s been a lot going on over the past six months and as the nation begins to reopen, we need to talk about the housing market. According to insights from top agents, it’s a crazy seller’s market and 50% of agents believe that it’ll only get crazier as more of the population gets vaccinated.
What does that mean for you? Well it’s quite simple – if you’ve been considering putting your house on the market or if you’ve been looking into ways to get a quick home sale, this is the time to do it. Let’s take at some of the driving factors that make this the perfect time to sell your home.
1. Buyers aren’t playing games with offers
As more of the American population get vaccinated, we’re going to see more people come out of hibernation and look for a new house. There’s a myriad of reasons why people would want to buy a new home (remote work, needing more space, needing to downsize, low interest rates, etc.) but unfortunately there aren’t enough houses for sale to satisfy demand. So in order to get their offers accepted, buyers are pulling out the big guns and putting their best offer on the table from the get go. Some people are offering above asking price, they’re skipping the normal contingencies, and some are even offering cash!
2. House prices skyrocket
House values have increased steadily over the years, but since it’s a strong seller’s market and there’s a lot of competition. Buyers are finding themselves in bidding wars and sometimes the seller could get way more money than they anticipated when they listed. This causes a chain reaction because other sellers will see that a house like theirs sold for x-amount and they’ll list their house at that higher price. As you can guess, housing prices will continue to soar if the market remains so competitive.
3. More offers means faster sale
Sellers aren’t just receiving appealing offers for more money or fewer contingencies – they’re receiving multiple offers and they can sift through them to find the one that will get them to the closing table quickly. This is particularly great for people who have to sell in a hurry but don’t want to use one of those house buying companies where you could close in as little as 1 week.
4. Remote work sparks more relocation
COVID has had a horrible impact on businesses of all kinds across all industries. Some industries were hit harder than others and some have managed to survive because they could have their employees work from home. It appears that remote work will be here to stay and this could mean that people will pack up their bags and relocate to another area. Sellers who live in smaller communities or rural areas are likely to see an influx of buyers and your home could become a hot ticket property if in the right location (your real estate agent can give you the scoop on your local market).
Earn a profit by selling now
It’s understandable to be hesitant about selling your house when we don’t really know what the economy is going to be like in the future. But sometimes we have no choice and need to sell it with little to no foresight. Fortunately, if you find yourself in this position, you could earn a big profit if you have enough equity in your home. The market is in your favor and it appears like it’ll be that way for at least six more months. So even if you’re hesitant now, at least you know you have a little bit of time to weigh your options.
Note: You can use a net proceeds calculator to see just how much you could earn when your real estate agent officially puts your house on the market.
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