Why Sellers Should Get a Move On Things During This Hot Market
There’s no time like the present when it comes to selling your house. HomeLight’s 2021 Q3 survey reveals that 97% of surveyed agents say their market is booming and houses are being sold at breakneck speeds. Some have even said that due to the vaccine rollout, potential buyers are out in full force and they are taking advantage of the low interest rates, even if they’ve been on the rise over the past few weeks.
Don’t get us wrong, the pandemic is still a very big problem that needs to get under control. Sellers are still hesitant to put their homes on the market because (interestingly enough), there aren’t more people selling their homes!
If you’re thinking about listing your home but you need some extra convincing, here are a few reasons why you don’t want to miss this opportunity to sell and make a profit.
Houses are in high demand
97% of real estate agents from all corners of the country are reporting a surge of buyers entering the market. As more people become fully vaccinated, they’re finally getting the courage to go out and do the things they’ve been putting off – like buying or selling a house. The down side to all of this is that there are more buyers than sellers, so the market is incredibly cutthroat. People are submitting offers at asking price, removing contingencies, and some are even skipping the home inspection!
Bidding wars play a role in increased prices
According to NAR, home prices have increased by 14.1% annually, but despite this, prices are going up even further. Prices are increasing because it’s a seller’s market and sellers can ask for higher prices, but 94% of real estate agents say bidding wars are becoming more common in their area.
Note: If you want to get an idea of what you should list your house for before even talking to a real estate agent, you can get a home appraisal and list accordingly.
Receive multiple offers and you could close sooner
With a diminishing housing inventory, people have to put their best offer on the table at the very beginning. Not only that, but buyers could face a heating bidding war which could mean they’ll lose the house if it goes above their budget.
One of the ways sellers can choose which offer they’d want to accept is the timeframe at which they’d close on the house. For those who need to sell quickly, this very well could be the deciding factor!
Permanent remote work could drive mass relocations
It’s estimated that 40 to 60% of workers have been working remotely because of the pandemic. It’s also estimated that by the time 2022 comes, 25% to 30% will work from home at least part of the week, if not permanently.
With the possibility of working from home on a permanent basis, people are willing to pack their bags and relocate away from the city and put down roots in smaller towns. These towns tend to be more affordable and offer more space than living in the city, which are huge selling points.
Homeowners could make big profits if you sell now
Putting your home on the market isn’t a decision you’ll want to make on a whim. Although this is a great time to sell because prices are high and demand is even higher, you could also run into a situation where you must find a new home within your budget.
But with that said, if you’re still on the fence after seeing why you should really consider listing, talk to a real estate agent and get their opinion. They’ll be able to tell you what you could get for your house and other important details about the market. Who knows, you could find yourself in a situation where you receive multiple offers above asking and you could make a decent profit!