If youre trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellers market were in today wont last forever. If youre thinking of making a move, here are four reasons to put your house up for sale sooner rather than later.
1. Your House Will Likely Sell Quickly
According to theRealtors Confidence Indexreleased by theNational Association of Realtors(NAR), homes continue to sell quickly on average, theyre selling in just 17 days.As a seller, thats great news for you.
Average days on market is a strong indicator of buyer demand. And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.
2. Buyers Are Willing To Compete for Your House
In addition to selling quickly, homes are receiving multiple offers. That same survey showssellers are seeingan average of 4.5 offers, and theyre competitive ones. The graph below shows how the average number of offers right now compares to previous years:
Buyers today know bidding wars are a likely outcome, and theyre coming prepared with their best offer in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.
3. When Supply Is Low, Your House Is in the Spotlight
One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though its improving, it remains at near-record lows. The chart below shows how todays low inventory stacks up against recent years. The lighter the blue is in the chart, the lower the housing supply.
If youre looking to take advantage of buyer demand and get the mostattentionfor your house, selling now before more listings come to the market might be your best option.
4. If Youre Thinking of Moving Up, Now May Be the Time
If your current home no longer meets your needs, it may be the perfect time to make a move.Today, homeowners are gaining a significant amount of wealth throughgrowing equity.You can leverage that equity, plus current low mortgage rates, to power your move now.But these near-historic low rates wont last forever.
Experts forecast interest rates will rise. In their forecast, Freddie Macsays:
While we forecast rates to increase gradually later in the year, we dont expect to see arapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, risingto 3.8% by the fourth quarter of 2022.
When rates rise, even modestly, itll impact your monthly payment and by extension your purchasing power.
Bottom Line
Dont delay. The combination of housing supply challenges, low mortgage rates, and extremely motivated buyers gives sellers a unique opportunity this season. If youre thinking about making a move, lets chat about why it makes sense to list your house now.
