By: Mark H. Stowers
While summer is the best time to plan and take a vacation, it’s also the best time to sell your home. Just like your favorite vacation spot, the ingredients for a successful sale are all in place and waiting for you. Here’s are four major incentives to sell your home this summer. You’ll want to postpone the relaxation and get that for sale sign in the yard sooner rather than later.
FOUR MAJOR INCENTIVES TO SELL YOUR HOME THIS SUMMER
1- The Realtors Confidence Index as reported by the National Association of Realtors (NAR) indicates that homes are still selling at a rapid pace – most in just 17 days. So few days on the market shows that the competition among buyers is still climbing. That competition only means something positive for you the seller. A better price perhaps, selling as is with few or no restrictions. You may be booking a much better vacation stay after the sale.
2- With such little inventory of homes across the nation, buyers are more serious and ready to sign – even on the first showing. The NAR reports an average of five offers – serious, competitive offers – are being laid on the table quickly. And that number is expected to increase. With money on the table in this market, you might want to get a bigger table. Today’s market is filled with buyers who are prepared for a bidding war but it’s still your choice to make. Decide which offer makes the most sense for your own situation and financial well-being.
3- The Future’s so Bright, you might want some shades. Low supply means your home will be in the spotlight. That further creates demand for motivated buyers. Even though inventory is a bit up, overall, it remains near record lows. All good news for the seller. May’s inventory was up seven percent from April with 1.23 million units on the market. But that number is still down more than 20 percent from a year ago according to the NRA. There is only a two and half month supply of homes to buy, which is up from April but down from the 4.6-months supply in May of 2020. There are indications of more homes coming to the market so the sooner you get yours listed and sold, the better for you.
4- Your next move could be the best one. Homeowners continue to gain equity while living in their current home. But if your home doesn’t meet your needs, it’s time to leverage that equity and make the move up or to downsize, wherever your life is leading. Your equity combined with record low interest rates are the perfect ingredients to maximize your own purchasing power. Make the decision soon as real estate experts are looking for rates to increase. When rates increase, your buyer power decreases. Take advantage of the low rates to get the most house for your dollar.
With low inventory and mortgage rates, combined with more than motivated buyers, you as a seller are in the best position to take advantage of the current market conditions. If you’re thinking of selling, let the experts at Jim Shaffer and Associates take the stress and hassle and details and you start planning your best vacation.