2021 is definitely still a hot seller’s market. If you’re a homeowner thinking of, now is the perfect time to do so. Low mortgage rates are in your favor when you’re ready to purchase your next home, and high buyer demand may give you the leverage you need to negotiate the best contract terms on the sale of your house. Let’s look at what drives the seller’s advantages and opportunities for homeowners who are ready to move this year.
1. Historically Low Inventory
The National Association of Realtors (NAR) explains:
“Total housing inventory at the end of March amounted to 1.07 million units, up 3.9% from February’s inventory . . . Unsold inventory sits at a 2.1-month supply at the current sales pace, marginally up from February’s 2.0-month supply and down from the 3.3-month supply recorded in March 2020.”
Even with a slight rise in the number of houses for sale this spring, inventory remains near an all-time low.
High buyer interest creates a significant imbalance between supply and demand, but as the slight increase in inventory shows, sellers are beginning to reenter the market. Selling your house now enables you to take advantage of buyer demand and get the most attention for your home – before more listings come to the market later this year.
2. Frequent Bidding Wars
As a result of the supply and demand imbalance, home buyers are entering bidding wars at an accelerating rate. NAR reports the average number of bids received on the most recently closed sales is 4.8 offers. This number has doubled since the first quarter of 2020.
As buyers face increasingly tough competition while searching for homes to purchase, they’re more likely to be flexible and generous in their negotiations. This allows sellers to choose the best buyer for their needs and be selective about things like time to close, contingencies, renovations, and more.
If you are a homeowner thinking about moving, these graphs clearly show that it is a great time to sell your house. Working with a Martino Realty Group agent is the best way to determine how to navigate the negotiation process when selling your house. We can help you navigate the seller’s market and educate you about the opportunities in your local area. Please contact us at charles@martino-realty.com and follow us @martinorealtygroup.
