If one of the questions youâ€™re asking yourself is, â€œShould I sell my house this year?â€Â consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Hereâ€™s why.
According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel itâ€™s a good time to sell one:
â€œThe percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say itâ€™s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.â€
As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.
There simply are not enough homes available to meet todayâ€™s buyer demand, and theyâ€™re selling just as quickly as theyâ€™re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available todayÂ sits at a 2.3-month supply at the current sales pace,Â which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.
With so few homes available for buyers to choose from, weâ€™re in a true sellersâ€™ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:
â€œThe market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.â€
However, this sweet spot for sellers wonâ€™t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:
â€œThe bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.â€
If youâ€™re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for todayâ€™s sellers. Letâ€™s connect today to determine the best next step when it comes to selling your house this year.