Selling And Moving: How To Be A Winner
Throughout the year we have seen a crazy bull run in the real estate market. Whether it is a rush to an asset that benefits with inflation or from the uptick in qualified buyers, the market has been hot. If you are looking to sell your home this winter, there may not be a better time. While real estate is typically very seasonal, this trend has been ignored since the pandemic. If you want to take advantage of the current seller’s market in real estate, selling now could be a smart idea. Here is how to make sure that you are a winner when selling and moving homes.
Winning When You Sell
As we have all heard, this is one of the stronger and longest seller’s markets in recent history. Conditions dramatically favor sellers right now, and that does not look to change with the record low inventory. Making sure your home stands out amongst the rest will increase the appeal and decrease the time on market. Having great curb appeal when going to sell your property, as well as having upgrades that increase value, will make your house a winner. With such little inventory available in the current market, we have seen houses get multiple offers in just a few hours. Having the looks to stand out can create this ideal situation for you as well.
Speaking of multiple offers, when supply is low and demand is high, you can expect to see this. When buyers are forced to compete for a smaller inventory, there is going to be multiple people interested in what you have to offer. With less on the table to look at in terms of inventory, it concentrates the home search for many buyers. With a record level of buyers in the market as well, it does not look like inventory will increase much in 2022. Check out our article on expert predictions for the real estate market in 2022.
Finally, because of such a low inventory and higher interest in your home, you should sell quickly. Time on market has been slashed by up to 50% in some areas. With homes selling in as little as just 18 days, you can expect to see your home sell quicker than ever. For sellers, this is great news as it reduces the time to stress about it.
Winning On The Move
Not only will you win when selling your home, you already won by owning a home to begin with. Over the past year, we have seen home prices soar to all time highs. With record high prices comes record high equity. However, the main question that we get is: Will home prices fall?
With homeowners having gained up to $51,000 in equity in the past twelve months, it is easy to see how you won on the sell side. But how does this help you as a buyer? Well, having this much positive equity gain allows you to have more money to put down on your next home. You can use this equity as leverage to fuel your move, especially with home prices and mortgage rates looking to continue to rise in 2022.
The longer you wait to move, the more money you will spend in the long run. As we have talked about before, waiting to move is going to become costly. While we continue to navigate higher than 3% mortgage rates, we will begin to see the impact on buyers. As rates rise, they decrease your purchasing power and what you can afford. Waiting just a few months to move after selling will cause you to lose, when we are supposed to be about winning.
Selling when rates are still low will allow you to move at lower interest rates. This is why your home should look amazing and be marketed perfectly. Being able to sell quickly will allow you to win on both sides. The faster you sell, the less time rates have to move up. When you sell quickly, you win. When you sell quickly, you can move quicker, making you a winner. Let us make you a winner on your home sale by contacting the Premier Homes Team.