Thinking of Selling? Now Is the Time to Act
If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
Jonathan Smoke, Chief Economist at realtor.com, revealed in a recent article that:
“The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”
Smoke goes on to say:
“We started the year with the lowest inventory of homes available for sale that we’ve ever seen on realtor.com. While we did see inventory grow 2% in February, total inventory was down 11% over last year.”
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies.
Bottom Line
As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.
Rent or Buy? The Real Tradeoff Most People Don’t Talk About
Whether you’re looking to buy now or planning for the future, the first step is the same. Have a quick conversation with a local real estate agent about your goals, timeline, and budget.
The Best Week To List Your House Is Just Around the Corner
Based on analysis of historical trends, the ideal week to put your house on the market this year is: April 12–18.
Affordability Has Improved in All 50 States
When buyers have more choices, it creates a healthier balance in the market and that can help bring affordability back within reach.
The Remodel You’ve Been Dreaming About May Be Closer Than You Think
Whether the project you’ve been thinking about is on this list or not, chat with an agent to make sure it’s worth the time, money, and effort before calling in any contractors.
Renting vs. Buying: The Numbers Might Surprise You
There are thousands of down payment assistance programs available across the country, and many buyers qualify without realizing it.
How Your Equity Could Help Younger Generations Buy a Home
Even a small portion of your equity can put them in a position to finally get the keys to their first place!
Four Ways Your Home Equity Can Work for You
You want to maintain at least 20% equity in your home as a financial cushion – something many homeowners didn’t know back in the crash of 2008.
Why Townhomes Are Popular with Today’s First-Time Buyers
Townhomes are more affordable making them one of the best ways for first-time buyers to finally get their foot in the door.
Top 3 Reasons To Buy a Home Before Spring
Buying just a few weeks earlier could mean paying less, dealing with less stress, and feeling less rushed.
Home Insurance Costs Are Rising: What Buyers Should Plan For
Buying a home is one of the biggest purchases you’ll ever make. Homeowner’s insurance is what protects that investment.