If youâ€™re trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellersâ€™ market weâ€™re in today wonâ€™t last forever. If youâ€™re thinking of making a move, here are four reasons to put your house up for sale sooner rather than later.
According to theÂ Realtors Confidence IndexÂ released by theÂ National Association of RealtorsÂ (NAR), homes continue to sell quickly â€“ on average, theyâ€™re selling in just 17 days.Â As a seller, thatâ€™s great news for you.
Average days on market is a strong indicator of buyer demand. And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.
In addition to selling quickly, homes are receiving multiple offers. That same survey showsÂ sellers are seeingÂ an average of 4.5 offers, and theyâ€™re competitive ones. The graph below shows how the average number of offers right now compares to previous years:Buyers today know bidding wars are a likely outcome, and theyâ€™re coming prepared with their best offer in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.
One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though itâ€™s improving, it remains at near-record lows. The chart below shows how todayâ€™s low inventory stacks up against recent years. The lighter the blue is in the chart, the lower the housing supply.
If youâ€™re looking to take advantage of buyer demand and get the mostÂ attentionÂ for your house, selling now before more listings come to the market might be your best option.
If your current home no longer meets your needs, it may be the perfect time to make a move.Â Today, homeowners are gaining a significant amount of wealth throughÂ growing equity.Â You can leverage that equity, plus current low mortgage rates, to power your move now.Â But these near-historic low rates wonâ€™t last forever.
Experts forecast interest rates will rise. In their forecast, Freddie MacÂ says:
â€œWhile we forecast rates to increase gradually later in the year, we donâ€™t expect to see aÂ rapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, risingÂ to 3.8% by the fourth quarter of 2022.â€
When rates rise, even modestly, itâ€™ll impact your monthly payment and by extension your purchasing power.
Donâ€™t delay. The combination of housing supply challenges, low mortgage rates, and extremely motivated buyers gives sellers a unique opportunity this season. If youâ€™re thinking about making a move, letâ€™s chat about why it makes sense to list your house now.