According to the United States Census Bureau, Americans move an average of 11.7 times throughout their lives. Bureau of the Census People sells their houses for a variety of reasons, ranging from personal connections to physical surroundings.
If you're wondering whether now is a good time to sell your home, the answer is now.
How’s the market?
Supply chain interruptions are a problem in almost every business right now. This is also true in the present housing market in the United States when buyer demand significantly outnumbers house supply. Buyers are still ready to move, but in many regions of the country, a lack of available houses is contributing to soaring housing prices. As a result, it's still a seller's market, which favors those who want to sell immediately.
Reasons why you should sell your home
1. Interest rates are projected to rise, although they are expected to remain low:
While mortgage interest rates have been historically low for years – and have achieved new lows many times during the COVID-19 epidemic – they are expected to rise at least slightly in 2022. Realtor.com predicts that mortgage interest rates will average around 3.3% throughout the year and rise to 3.6% toward the end of 2022. What this means is that the market will still be active despite the expected rise in home prices, and this would balance out the high demand for houses amidst the limited supply,
2. To take advantage of the seller’s market
A seller’s market generally favors the home seller (vis a vis buyer’s market). This means that the supply of homes is thin and there is not enough inventory to meet buyer demand.
In a seller’s market, it is expected that homes can sell for over the asking price and there would be multiple bids and ‘bidding wars’, as there aren’t many listings to choose from. As a seller, this means you many not need to make concessions or negotiate, and your home will sell quickly.
Josh Cooley, owner of a successful real estate business in Eugene, Oregon, wrote in his November 2021 Forbes article:
2021 is a strong seller’s market — and we expect that trend to continue in 2022. A combination of factors, including historically low mortgage rates and a shortage of available homes, has continued to drive up sales prices and buyer demand.
With home values that are quite a bit higher than the national average, and rising fast, Oregon is a strong seller’s market. Listing prices are skyrocketing due to the low amount of inventory. In recent years, Oregon has attracted a wave of new residents.
3. You need to move:
It is still viable to sell your property and get a new one if you need to relocate for whatever reason. You may be concerned about your capacity to pay your mortgage if you lose your work. Selling may be a suitable option if this is the case. Others, on the other hand, are choosing for a lifestyle shift that includes moving to a new state, more space for a growing family, or a larger footprint for permanent work-from-home space.
4. Lastly and most importantly inventory is at an all-time low
Purchaser demand is so high, the available homes for sale in the market are running out. As reported in Realtor.com in January:
the graph indicates that over the previous four years, the number of new listings on the market has plummeted. In addition, the graph shows that carry-over inventory has decreased in recent years. This is due to the fact that listings are no longer staying on the market long enough to roll over from month to month. In other words, unlike before the pandemic, properties are not lingering on the market for months.
Conclusion
Anyone considering selling their house should act quickly. When demand is great and supply is low, a seller will always negotiate the best bargain. That is exactly how the real estate market is right now. As many homeowners wait to place their homes on the market in the spring and early summer, inventory (and thus your competition) will rise later this year.
As these newly constructed homes are completed, they will compete with your home. This presents you with a fantastic chance right now. Don't wait for your local market to become more competitive.
If you're on the fence about selling and with all the process and preparation to go through to put up a house on the market, it will take time and a lot of hassle but don’t worry! Ash Creek Properties provides an all-cash offer for your home, with no repairs, and improvements necessary. Close and move out on the date of your choosing, contact us today!