We sell our homes for many reasons. Downsizing, upsizing, and unexpected life events are just some of the reasons why we sell our homes.
Traditionally, the warmer months enjoy a spike in home sales, as the weather is conducive to house-hunting. Yet, there are good reasons to sell your home in the fall, too. And in a year like no other, this autumn is proving to be a boom-time for homeowners looking to cash-in on a strong market.
If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.
Buyers Are Actively in the market
In a year like no other, high buyer activity may be one of the chief reasons to sell your home in the fall. ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 60.7% compared to this time last year. It can’t be overstated how huge of an increase this is.
It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, like here in New England, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so that you can sell your house on the most favorable terms.
There Are Not Enough Homes for Sale
In the latest Existing Home Sales Report, the National Association of Realtors (NAR) announced that only 1.49 million units were available for sale. That number was down 18.6% from one year ago, which was already near or at all-time lows. This means in many places, like Rhode Island, Massachusetts, and Connecticut, there aren’t enough homes for sale to satisfy the number of buyers.
Due to the pandemic, many homeowners were reluctant to list their homes earlier this year. Many are choosing to stay in their homes to take advantage of low rates by refinancing. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to the market before you decide to make a move.
The Process Is Going Quickly
Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know what they can afford before shopping for a home. According to the latest Origination Insights Report from Ellie Mae, the time needed to close a loan is just 49 days.
Timelines can be negotiated to better suit the seller’s needs, so you have more control than you would in a “typical” market or season.
There May Never Be a More Important Time to Move
You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is, and you need more space. If you’re working from home, or if your children are learning virtually, then your current floor plan may no longer work for your family’s changing needs.
Homebuilders are beginning to build houses again, so you can choose the exact floor plan to match what your family needs.
Besides, trading up with low rates can increase home values, so speak with an experienced Realtor® who can help you play the market in your favor.
Bottom Line
The housing market is prime for sellers right now, so let’s connect to get the process started. If the timing is right for you and your family, the market is calling your name.
Contact us today, and let’s get you the results you deserve.