If ever there was a time to put your house on the market, now is the time to do it. HomeLight’s 2021 Q3 survey shows that 97% of real estate agents are experiencing an increased number of buyers and that demand has created a booming seller’s market. 42% of them say one of the factors contributing to this boom is due to the distribution of the vaccine.
It’s understandable that you may be hesitant to put your home up for sale amid this ongoing pandemic, we have a few reasons why you don’t want to wait too long to do so.
Buyers are searching for houses
Buyers are eager to find a new house but they’re finding it difficult to get offers accepted because it’s a very hot seller’s market and there aren’t enough houses to meet demand. In this market, sellers are receiving multiple offers and it’s not unusual for them to offer full asking price. What’s even more alarming is that some are skipping the home inspection and appraisal, which isn’t the best idea because you could overpay for a broken-down house!
Home prices increase due to competitive bidding wars
Home prices have increased steadily year after year, but because bidding wars are becoming more frequent, sellers could receive much more than they initially asked for. This is great if you’re selling, but not so great if you’re a buyer with a limited budget because even if they put down their best offer right away, someone could make a cash offer or offer more than what you’re able to pay.
Get to the closing table faster if there are multiple offers
Although the thought of receiving appealing offers at or above the asking price is appealing to sellers, some are more interested in a fast closing. Buyers whose offers are without contingencies tend to close more quickly than normal, which can take about 54 days from the time the offer is accepted and the transaction is complete.
Of course, if a seller is in dire straits, they could contact a home buying company and see how much they could get for their home. Home buying companies can close within a week and the seller could walk away with cash, but… They won’t get as much money as if they went the normal route. Typically, that difference for convenience is pretty significant.
Relocation is a possibility as remote work becomes permanent
Businesses around the country have faced tough challenges throughout the pandemic and one of the ways they’ve managed to stay in business while following CDC protocols is by allowing employees to work from home if their jobs could be done remotely. Approximately 40% to 60% of workers have been able to work remotely and if this becomes a permanent policy, those workers may consider relocating.
Seller’s market could mean big profits
Diving into the real estate market, either to buy or sell, isn’t something you should do without careful consideration. After all, you’re talking about hundreds of thousands of dollars on the line! As a seller, this is a great time to put your home up for sale if you’ve been on the fence. If you have equity in your home, you could stand to earn a big profit on a sale – especially since there’s the potential of receiving multiple offers and a bidding war could break out.
Granted, every situation is going to be different and if you’re still uncertain about whether this is the right time to sell, don’t hesitate to contact your local real estate agent for guidance.