Ladies and gentlemen, now is the time to sell your house if you’ve been toying with the idea. You may not be aware of this, but the vast majority of the country is experiencing a booming seller’s market. HomeLight’s 2021 Q3 survey reveals that 42% of real estate agents are seeing a huge demand for houses because of the vaccine roll out but 53.6% of agents say the areas where the vaccine is having an impact, sellers are still reluctant.
We understand that the pandemic is still raging but as more people get vaccinated, more people are going to want to go ahead with plans to move. So, if you’re on the fence about putting your house up for sale, here are a few reasons why you don’t want to wait.
Increased demand for houses
Across the country, housing inventory is incredibly limited, and it has been that way even before COVID-19. One of the biggest reasons there’s a huge demand for housing is because mortgage rates are still low, despite the slight increase over the past few weeks. People are jumping at the chance to buy houses at such break neck speed, some even choose to forego home inspections (we do not recommend doing this) and other contingencies simply because they don’t want to miss out on a good deal.
Heated bidding wars drive up home prices
Home prices are already on the rise (NAR reports a 14.1% annual increase in home prices), but 94% of agents say they’re seeing properties enter intense bidding wars which could increase the price. You could get a home appraisal and list it at its appraised value and still see offers for more than asking. So while buyers will be paying more, seller’s come out ahead.
Multiple offers means faster closing
We mentioned that some buyers are foregoing inspections and aren’t including contingencies with their offers, this is a good thing for sellers. As soon as you put your home on the market, the average amount of time it’ll take to get to closing is about 54 days. However without all of those contingencies, the time frame could be much quicker. If you’re looking to sell your house to a home buying company for cash, your house could close within a week at best!
Remote work creates opportunities to relocate
The pandemic has created a situation where businesses had to shut down for a while (some are still closed) and to keep business going, they’ve allowed employees who could work remotely (around 40 to 60%!) the ability to do so. Of those remote workers, it’s estimated that 25 to 30% of them would work from home several days a week by the time 2022 rolls around.
Working remotely opens up the opportunity for people to relocate – some are choosing to relocate to the suburbs where they can get more bang for their bucks. Of course, people are also opting to find larger houses (homes with more than 2,000 square feet) in the more historical areas of beloved cities.
2021’s housing market is a seller’s dream
Selling your home is a decision that requires careful consideration because you don’t want to short change yourself and accept less than what your home is worth. Fortunately for sellers, today’s housing market is very much in your favor. Buyers are snatching up houses quicker than the inventory can replenish and that means it’s highly likely that you’ll A) receive multiple offers B) get offers above asking price and C) have a faster home sale. It’s the trifecta that we could only dream about!
If you’re on the fence about listing your house, you can consult a real estate agent. They can give you insight on your local market trends, how much you should list your house for, and any improvements you may want to do if you want to maximize your potential earnings!