Finding the right time to sell your house has always been tricky. Predicting when the housing prices will be the highest is one aspect, and forecasting demand for homes in your area is another. Realizing the best deal when selling your home is a combination of both – demand from buyers and the availability of buyers who are in a position to pay premium home prices.
Here are five great reasons to sell your home and relocate before 2021 ends:
1. It’s a Strong Seller’s Market
2021 has been a crazy market for both buyers and sellers. With extremely tight inventory and prices at an all-time high, buyers are clamoring for real estate in all parts of the country. They aren’t holding out for the best house, and many sellers are in the lucrative position of receiving multiple offers. If you’re planning to move, downsize, or upgrade, now may be the best chance to sell your house and realize the most equity. Selling your home in a seller’s market is often the best move.
2. It’s Peak Home Selling Season
The spring, summer, and fall months are the prime selling season, and right now may be the best time. No one likes moving in the winter or over the holidays, and many buyers may only be in the market for a couple more months before backing away and waiting until spring. The market is anticipated to slow down in 2022, so selling to a buyer right now may garner a higher sales price than waiting another six months for the “buying season” to start again.
3. Low Inventory Benefits Sellers
The combination of a higher demand for housing and fewer homes on the market means sellers can reach or exceed their asking price. When you have multiple offers for your home, you may even be able to sell for above the asking price. Low inventory (meaning a small number of homes on the market) in many cities contributes to a seller’s market atmosphere.
4. Housing Prices are at an All-Time High
Many markets are seeing an all-time high for median home prices – much higher than the 2008 real estate bubble. Selling now means that you can command the peak price for your home. Plus, many sellers may not need to make as many upgrades to their house to achieve top dollar, unlike a more relaxed market, where buyers demand more excellent value for the price paid.
5. Mortgage Rates and Prices Are Expected to Cool In 2022
These high home prices aren’t going to last much longer. It’s time to sell your house now, in the best climate possible. Prices are expected to drop as more buyers return from the market and wait. Mortgage rates are also likely to fall, and buyers who could not get a mortgage now may be in a better position to buy next year.
When you need to sell your home fast and realize the best return on your investment, selling to a cash buyer may be a better option than waiting for a traditional home buyer to secure a mortgage. With many buyers backing off a tight 2021 housing market, selling your house now and relocating may be your best bet. Cash buyers can typically close within a couple of weeks, making it easier to relocate on your timeline.