If one of the questions you ask yourself is, “Should I sell my house this year?” a consumer sense of selling today should strengthen your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.
According to the latest Home Purchase Sent Index of Fannie Mae, 57% of consumers responding to their survey indicate that now is a good time to buy a home 59% think it’s a good time to sell one:
“The percentage of respondents who say it’s a good time to sell a home has stayed the same with 59%, while the percentage who say it’s a bad time to sell has decreased from 35% to 33%. As a result, the net part of those who say it’s a good time to sell has grown 2 percentage points month-on-month. “
As you can see, many still believe that, despite everything happening in the world, it is still a good time to sell a house.
Why is it a good time to sell now?
There are simply not enough homes to meet today purchasing requirement, and they sell as fast as they come to market. According to the National Association of Real Estate Agents (NAR), an unsold inventory available today sits at 2.3-month supply at the current sales rate, which was down from the previous month’s 2.5-month supply. This record low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance.
With so few homes available for buyers, we really are vendor market. Homeowners willing to move now have the opportunity to negotiate the best possible contracts with buyers who feel the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist by NAR, notes how fast homes are selling now, further confirming the benefits to sellers this season:
“The market is incredibly fast this winter with the listed homes averaging under contract at less than a month due to a stay of buyers who want to take advantage of low mortgage rates.”
However this sweet place for vendors will not last forever. As more homes are listed this year, this tip to sellers may be declining. According to Danielle Hale, Chief Economist at realtor.com, more choices because buyers are not too far away:
“The bright spot for buyers is that more homes are likely to be available in the last six months of 2021. That should give people more options to choose from and remove some of their urgency. With a larger selection, buyers may not have to decide after mere hours and will have more time to decide. “
If you are ready to move on, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Let’s connect today to determine the best next step when it comes to selling your home this year.
Content previously posted in Keep Current Things