Inventory is low, prices are rising, and mortgage rates have plummeted, increasing the demand for homes. Our team at Aria wants to help you make smart investments when it comes to your real estate portfolio. That is why we have put together this list of the 4 reasons now is the perfect time to sell your home.
Usually, Spring is the season for home-buying, but this year we are entering the final half of the year in a pure seller’s market.
Here are the benefits to selling now:
Low Inventory
High demand for homes with a low inventory of homes for sale has sellers able to list for the highest price and sell in the fastest time. With less inventory this Fall, this means less competition for your home and a better buying price. Plus, it's easy to stage your house comfy and cozy to really get potential buyers to visualize themselves at home there – even through virtual home tours.
Rising Prices
U.S. home prices were up a record-setting 13% in August. U.S. median home sale prices increased from August 2019 to $319,178–the highest on record. The low inventory in return is spurring the rising price of homes. This means sellers are receiving higher offers from more serious buyers. Job transfers, pending tax breaks, and the shopping frenzy that the holidays bring have buyers ready to sign the papers and move in.
Buyer Demand
Buyer demand is off the charts despite the lockdowns caused by the pandemic. In June, home-buying activity rose to about 88.9% of where it was in early Spring. According to a new report by Redfin, 46.4% of U.S. homes that went under contract had an accepted offer within the first two weeks on the market, the highest level since at least 2012, which is the farthest back Redfin data goes.
Mortgage Rates
Plus, mortgage rates have fallen as low as 3%. This coupled with a slingshot real estate market (catching up with the pent-up demand during the lockdowns) have buyers extremely motivated to buy now. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.3%–an all-time high and a full percentage point higher than a year earlier, according to a Redfin report.
