There’s no doubt that 2021 is the year of the seller when it comes to the housing market. If you’re a homeowner thinking of moving to better suit your changing needs, now is the perfect time to do so. Low mortgage rates are in your favor when you’re ready to purchase your dream home, and high buyer demand may give you the leverage you need to negotiate the best contract terms on the sale of your house. Here’s a look at what’s driving this sellers’ advantage and why there’s so much opportunity for homeowners who are ready to move this season.
The National Association of Realtors (NAR) explains:
Even with a slight rise in the number of houses for sale this spring, inventory remains near an all-time low.
High buyer interest is creating a major imbalance between supply and demand, but as the small uptick in inventory shows, sellers are beginning to reenter the market. Selling your house now enables you to take advantage of buyer demand and get the most attention for your house – before more listings come to the market later this year.
As a result of the supply and demand imbalance, homebuyers are entering bidding wars at an accelerated rate. NAR reports the average number of bids received on the most recently closed sales is 4.8 offers. This number has doubled since the first quarter of 2020 (See graph below)
Buyers face increasingly tough competition while searching for homes to purchase, and they’re more likely to be flexible and generous in their negotiations. This gives a seller the opportunity to choose the best buyer for their needs and be selective about things like time to close, contingencies, renovations and more. Working with your trusted agent is the best way to determine how to navigate the negotiation process when selling your house.
In today’s market, sellers aren’t waiting very long to find a buyer for their house, either. NAR reports:
If you’re thinking about moving, these three graphs clearly show that it’s a great time to sell your house. Let’s connect today so you can learn more about the opportunities in our local area.