If you’ve been asking yourself whether you should sell your home this year, there’s tons of evidence that now may be an excellent time to sell. Buyers across the nation are hungry to get their hands on good houses, meaning that you can get a fantastic deal on your property if you’ve been asking yourself if now is the time to sell your home or rental property.
Even though there’s a lot going on in the world, from coronavirus to a struggling economy, the latest Home Purchase Sentiment Index from Fannie Mae indicates that buyers are poised to make solid offers, which should give you confidence as you think about the assets you have.
The demand is there
Home supply is low at the moment, meaning that homes are selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what a normal or neutral housing market needs, which is roughly a 6.0-month supply of unsold inventory to balance out.
This means that much of America is truly in a seller’s market; the low inventory of homes available to buyers means that homeowners who are ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pressure of stiff competition when it comes to finding their dream home.
However all things must come to an end, and we can’t assume that this sweet spot for sellers will last forever; as more choices for buyers continue to pop up, the favor towards sellers may wane in the not-too-distant future. Danielle Hale, Chief Economist at realtor.com, notes that more homes are likely to become available in the latter half of 2021, which is good news for buyers. With more options to choose from, the sense of urgency to buy, the clamor over available homes, and the rushed decisions on whether or not to buy will likely dissipate.
What does this mean for sellers?
As the saying goes, get while the getting is good! If you’re ready to make a move, the current market has the odds in your favor; waiting may net you significantly lower than you could get right now. Connect with RESource Atlanta today to determine the best next step when it comes to selling your house this year: 404-620-3110 or www.resourceatl.com.
