“Consumers indicate it’s a good time to sell!”
If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals the number of respondents who say it’s a good time to sell is higher now than it was over the past few summers (see graph below). Today, the majority of consumers, 75 percent, say it’s a good time to sell a house.
Why is sellers sentiment up year-over-year?
The higher good time to sell sentiment has to do with today’s market conditions, specifically low housing supply and high buyer demand. In the simplest terms, we don’t have enough houses available for sale to meet buyer demand.
According to the latest data from the National Association of Realtors (NAR), we’re still firmly in a sellers’ market because housing supply is well below a balanced norm (shown in the graph below).Clearly, the scales are tipped in a seller’s favor today. But while housing supply is undeniably low, the right side of the graph shows how the inventory situation is improving little by little each month as more sellers list their homes for sale.
As a seller, that means each month, buyers have more options to pick from. By extension, that means your house may get less buyer attention with time. Danielle Hale, Chief Economist for realtor.com, explains it like this:
“More homeowners continue to list homes for sale compared to a year ago… Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers.”
So, what’s that mean for you?
If you’ve been waiting for the perfect time to sell, there may not be a better chance than right now. Inventory is gradually increasing each month, so selling sooner rather than later will help you maximize your home’s potential.
Bottom Line
If you’re planning to sell your house, 2021 is still the year to do it. The unique mix of low supply and high demand won’t last forever. Let’s connect to discuss what you need to do now to sell your house and take advantage of this sellers’ market.
To view original article, visit Keeping Current Matters.
What Mortgage Rate Do You Need To Move?
While mortgage rates are nearly impossible to forecast, the optimism from the experts should give you insight into what’s ahead.
Finding Your Perfect Home in a Fixer Upper
Your agent can also offer advice on which upgrades and renovations will set you up to get the greatest return on your investment.
The Benefits of Downsizing When You Retire
When you downsize your house, you often end up downsizing the bills that come with it, like energy costs, and maintenance requirements.
Why There Won’t Be a Recession That Tanks the Housing Market
The fundamentals of the economy, despite some hiccups, are doing pretty good.
What To Know About Credit Scores Before Buying a Home
Working with a trusted lender is the best way to get more information on how your credit score could factor into your home loan.
Why You Want an Agent’s Advice for Your Move
A real estate advisor can anticipate what could happen next and work with you to put together a solid plan.