Reasons You Should Consider Selling This Fall

The market conditions we are experiencing have a lot of homeowners on the fence about whether to cash out or hold onto their investment. However, these market conditions won’t be around forever making it one of the best times to list. This is the ultimate sellers' market and here’s what you need to know if you’re thinking about making a move.

1. Your House will sell like hotcakes.

The National Association of Realtors (NAR) has studies showing that homes continue to sell quickly – on average, they're selling in just 17 days! This is great news for you as it means you’ll be able to cash out quicker and be able to take advantage of better opportunities.

Less days on market show a strong indication of buyer demand and since homes are selling like Starbucks on a college campus, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.

2. When buyers compete, you reap the rewards!

Let’s be blunt, it’s always better when we have options. What we’re seeing now is that sellers are seeing an average of 4.5 competitive offers. When 2 or more people compete for the same home, things can get pricey, and as the seller you reap the benefits. The average number of offers has nearly doubled as compared to previous years (shown below):

Buyers today are aware of the bidding wars that ensue, and they're coming prepared with their best offer in hand. All that is left is for you to select the option that is best for your financial well-being.

3. Supply is at an all time low and your house would be on an all time spotlight. 

One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though it’s improving, it remains at near-record lows. The chart below shows how today’s low inventory stacks up against recent years. The lighter the blue is in the chart, the lower the housing supply.

Another log being added to the fire of the sellers market is the shortage of homes for sale. This is why multiple offers are being submitted on the same home with current data pointing to a supply of 2.6 months based on the current pace of sales.  

If you’re looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.

4. If You’re Thinking of Moving Up, Now May Be the Time

If your current home no longer accommodates your needs and you find yourself browsing zillow and redfin on a regular basis then the time for action is now. Homeowners are gaining a significant amount of wealth through growing equity and expanding their financial literacy. By leveraging that equity and taking advantage of low mortgage rates you can increase your wealth. The only constant in life is that everything is always changing and these conditions won’t last forever. 

Experts forecast interest rates will rise. In their forecast, Freddie Mac says:

“While we forecast rates to increase gradually later in the year, we don't expect to see a rapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, rising to 3.8% by the fourth quarter of 2022.”

When rates rise, even modestly, it’ll impact your monthly payment and by extension your purchasing power, so take advantage now.

Bottom Line

You’re not doing yourself any favors by waiting. The combination of housing supply challenges, low mortgage rates, and extremely motivated buyers gives sellers a unique opportunity this season. If you’re thinking about making a move, let's chat about why it makes sense to list your house now.