Demand Is High
Over the last 18 months, hordes of people have left their life of urban renting for home ownership in suburbia. In short, folks would rather own a home than rent. This is for a number of reasons, including historically low mortgage rates. Plus, with the dramatic shift to remote work, people have an increasing need for their own home “offices” – spaces that are hard to come by in rental properties. This record-high demand has led to intense bidding wars. Hence, selling now ensures a high probability that you’ll get the most money for your house.
Supply Is Low
The growing trend of a desire for homeownership versus renting has been impacted by the fact that people who already own aren’t necessarily looking to sell currently – a situation that has contributed to a major supply shortage of available homes on the market. This low supply has resulted in available homes quickly going under contract and selling for premium prices. According to the National Association of Realtors, home sales are twice as fast as the historic average.
Don’t Wait
The gist of all of this? Don’t wait to sell your home. The current market conditions increase the likelihood that you’ll not only sell your house quickly, you’ll sell it for a premium. In fact, you’ll probably receive several offers on your home, providing you with the benefit of being able to choose the offer that works best for you. On the other hand, if you do wait, it’s likely that market conditions will swing the other way, as rates and supply both increase over time.
Bottom line: If you’re ready to sell your home, don’t delay any longer, and sell … before the market becomes more competitive.