There have been few better times to sell a home than right now. In many parts of the country, high home prices, a surplus of buyers and accessible home financing have created a historic seller’s market leading into the dynamic spring and summer selling seasons. Here are the reasons why now could be the perfect time for you to sell your home.
- Homes are selling for higher prices
Home prices in the U.S. have been on a record-breaking ascent. With demand for homes far outstripping supply, home prices surged 19.8% in just the 12-month period ending in February 2022. But now, there are signs that the red-hot real estate market may be cooling down. If home prices are beginning to moderate, this may be an opportune time to sell.
- Many homes are receiving multiple offers
Traditionally, selling a home in the U.S. typically starts with carefully setting a list price and then waiting for a buyer or two to come along and bid the price down. These days, many sellers can simply set an attractive starting price before multiple buyers swoop in and bid the price up instead. With fewer homes available, bidding wars like this have become much more common, and sellers are benefiting.
- It takes less time for most homes to sell
If you’re in a hurry to sell your home, you’re in luck. Homes are selling very quickly, and in some markets, they’re selling in less than two weeks. The limited supply of available homes means buyers are more likely to make offers and close on deals quickly to avoid being left empty handed.
- Buyers are more likely to be flexible on terms
In this competitive homebuying market, some buyers are agreeing to more flexible terms on their offers. This may include waiving the home inspection, financing, home sale, appraisal and/or title contingencies. When a seller accepts an offer with fewer contingencies, there are fewer things that can delay or derail the sale.
- Home financing is still widely available for buyers
While home financing at historically modest interest rates is still widely available for many buyers, that may be changing. Mortgage rates have increased, the number of loan applications has fallen and some people may be holding off on their home purchases. This is because rising mortgage rates decrease the maximum loan amounts borrowers can obtain, reducing the number of potential buyers for some homes and decreasing the upward pressure on sales prices.
Selling a home is a major decision, and many factors go into choosing when to do so. However, if you’ve decided that now is the right time to put your place on the market, you’re likely to benefit from today’s favorable selling conditions. If you’re planning to buy a new home in conjunction with your sale, get in touch to get preapproved for your home purchase financing.