Reasons to Consider Selling Your Home This Fall

If you’re trying to figure out when to sell your home, now could be the best moment to do it. The current ultimate sellers’ market will not endure indefinitely. If you’re considering relocating, here are four reasons to put your home on the market as soon as possible.

Your home is more than likely to sell quickly.

According to the National Association of Realtors’ (NAR) Realtors Confidence Index, homes continue to sell rapidly — on average, they sell in 17 days. That’s fantastic news for you as a vendor.

The average number of days on the market is a good predictor of buyer interest. When properties sell rapidly, buyers must be more determined and move swiftly to submit an offer before other buyers swoop in.

Potential buyers are eager to compete for your home.

Homes are receiving numerous bids in addition to selling rapidly. According to the same report, sellers receive an average of 4.5 bids, all of which are competitive. The graph below compares the current average number of offers to prior years:

Bidding wars are becoming more common, and buyers are coming prepared with their best offer in hand. Receiving many offers on your home allows you to choose the one that best fits your situation and financial position.

When supply is scarce, your home becomes the center of attention.

The present inventory of houses for sale is one of the most important difficulties for interested purchasers. It’s improving, but it’s still at near-record lows. The graph below demonstrates how today’s low inventory compares to previous years. The lower the housing supply, the lighter the blue on the chart.

Selling immediately, before new listings hit the market, maybe your best option if you want to take advantage of buyer demand and garner the most attention for your home.

If you’re considering a fresh start, now may be the right time.

If your present residence no longer suits your needs, now might be the ideal moment to relocate. Homeowners are now accumulating considerable money as their equity grows. You may use that equity, as well as the present cheap mortgage rates, to propel your move forward right now. These near-historically low rates, however, will not endure indefinitely.

Interest rates are expected to climb, according to experts. Freddie Mac states in their forecast:

“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 interest rates rise, even little, your monthly payment and, by consequence, your spending power will be affected.

Bottom Line

Don’t wait any longer. This season, sellers have a one-of-a-kind opportunity due to a mix of house supply constraints, cheap mortgage rates, and highly eager buyers. If you’re thinking about moving, talk to us to know why now is the best time to sell.