Spring is a busy time of year for the real estate market! Warm weather and the end of the school year brings out droves of eager buyers ready to place an offer on their dream home and move in before
Top Three Reasons Spring 2021 Is The Best Time To Sell
Dated: March 16 2021
Views: 500
Spring is a busy time of year for the real estate market! Warm weather and the end of the school year brings out droves of eager buyers ready to place an offer on their dream home and move in before the start of a new school year.
While the upcoming spring market is shaping up to be the most competitive in recent years, it won’t be for those reasons alone. The COVID-19 pandemic changed spring home-buying trends thanks to record low-interest rates and existing home sales surpassing last year’s numbers by over 20%, according to data from the National Association of Realtors.
If you’re considering putting your home on the market, here are three reasons why this year's spring market is your best opportunity:
Home equity is at an all-time high
Home prices surge when inventory is low and demand is high. On a national level, median home prices increased by 10.1%, reaching a new high of $350,000 in August of 2020. The median price per square foot also climbed, showing a growth of 11.9% year-over-year. CoreLogic revealed home equity rose for the average homeowner by $17,000 in the last year alone.
Eager buyers who are ready to go above asking
Even with the economic plights of the pandemic, the housing market has transformed into a seller's paradise. Many families are longing to set permanent roots away from major cities, opting for the quiet countryside or close knit suburban communities.
This boom in the rural and suburban housing market is leading to desirable homes getting snatched up and garnering offers from multiple buyers. According to the Realtors Confidence Index Survey from NAR, the average home for sale is drawing an impressive 3.7 offers today, up from 2.3 offers just one year ago. So, if you’re planning to sell this year, expect to receive offers well above your asking price!
Low inventory and a lack of competition
In January, total housing inventory amounted to 1.04 million units, down 1.9% from December and down 25.7% from one year ago (1.40 million). The one-two punch of low home inventory in major markets in addition to COVID’s effect on new home construction means that home inventory has hit a plateau. This is creating unprecedented demand and an incredible opportunity for home sellers, especially those in desirable neighborhoods.
While the market is always subject to change, now is an excellent time to sell, especially in growing markets boasting wide open, outdoor spaces. While this pandemic has proved unpredictable, the housing market is just as volatile. You can take advantage now by selling at the right time — and as soon as possible.
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