Today’s housing market is booming and the demand for homes for sale is increasing. The current market is definitely a seller’s market. From low mortgage rates to bidding wars, buyers are frantically flooding the market. Below are four great reasons why fall is the best time to sell your home.
As mentioned earlier, buyers are actively looking for a new home. ShowTime, a leading real estate showing software and market stat service provider, said that buyer traffic has spiked 60.7% from numbers reported this time last year. In fact, several regions across the country are seeing a huge increase in bidding wars.
The current inventory for home listings is very low. The National Association of Realtors (NAR)’s Existing Home Sales Report shows that the number of listings across the country is down 18.6% from this time last year. This means there are only 1.49 million units available for sale across the U.S. The cause for the lack of inventory can be blamed mostly on the pandemic. Many homeowners are not willing to list their homes during the health crisis. Now is the perfect time to list your home, there is not enough inventory to satisfy the number of buyers.
The process is going quickly. Bidding wars because of low inventory is making the market super competitive for buyers. Buyers have to stand out from the normal crowd. Many buyers are getting pre-approved for a mortgage before their search. A pre-approved buyer speeds the selling process. According to Ellie Mae’s Origination Insights Report, it is taking on average just 49 days to close a loan.
The final reason is there may never be a more important time to move. With the stay-at-home orders and the health crisis scare, more and more people are choosing to stay at home much more than normal. A home that seemed the right size for you just 6 months ago might feel small because everyone is at home 24/7. More buyers are in the market because they need more space. Families across the country are working from home and having virtual schools. The current family’s changing needs might require a change in their current floor plan.
The housing market is in the seller’s favor. If you are thinking of selling your home now is a perfect time. A real estate professional can help you with the process this fall.
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