Last year many homeowners thought twice about selling their homes because of the onset of the health crisis. This year, however, homeowners are beginning to regain their confidence when it comes to selling safe. The newest Home Purchase Sent Index (HPSI) of Fannie Mae shows that 57% of consumers believe that now is a good time to sell.
Doug Duncan, Vice President and Chief Economist at Fannie Mae, explains:
“Overall the monthly increase in the index was caused mostly by a big jump in the share of consumers reporting that it’s a good time to sell a home, with many citing favorable mortgage rates, high home prices and low housing inventory as their main reason. “
Normally spring is the busiest season in the housing market – the time when many homeowners decide to list their homes. While this is obviously not a normal year, as the pandemic is still very much attacking us, experts are optimistic that consumers ’positivity on sales will lead to more homeowners making moves this year. Duncan continues:
“We will carefully monitor whether this new optimism is evolving towards a trend.”
What does this mean if you are thinking of selling your house?
The fact that there are so few houses for sale today is one driver that encourages consumers to think more positively about selling. The National Association of Real Estate Agents (NAR) states:
“Total housing inventory at the end of January amounted to 1.04 million units, down 1.9% from December and less than 25.7% a year ago (1.40 million). “
With so few affordable homes, your home will be more likely to rise to the top of an avid buying wish list in this competitive market. Today a high buyer activity creates upward pressure on home prices and more multi-bid scenarios. According to the Reliable Agent Index Survey from NAR, the average home for sale receives 3.7 offers today, over 2.3 bids just one year ago. This makes selling even more attractive.
Are you wondering where to go if you are trying to move while it is so hard to find a home to buy? Well, in many places, there are more homes available at the higher end of the market, so finding a relocating home may be less important if you’re ready to search for your dream home this spring.
If you pressed a break to sell your house last year, now may be the best time to replenish your plans while inventory is so low. Let’s connect today to begin the process.
Content previously posted in Keep Current Things