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Selling Your Home? Waiting Could Be Costly.
Dated: May 6 2021
Humans are impatient by nature. At times being patient and waiting pays off. Other times, waiting can cost you money. Surprisingly, individuals who wait too long to sell their homes can hurt the bottom line. Traditional thinking would suggest it may be best to wait to sell when there is a flood of buyers in the market, but right now may be an even better time to list your home.
We can see the overall economy is good: wages are rising, near record-low unemployment rates, and the mortgage interest rates are still very low. Over the past 10+ years, the housing market has stabilized, so what (if anything) is the biggest challenge in the housing market today?
The answer is simple: it’s inventory.
Looking at the inventory in the Prescott area from the Market Snapshot, there has been a decrease of inventory and a decrease of new listings.
What does this mean?
While homes are coming to the market, they aren’t coming fast enough!
According to BankRate.com, “a seller’s market is a real estate term, indicating that there are more real estate buyers in the market than there are sellers. When demand is higher than the supply, home prices increase, which benefits sellers. During a seller’s market, buyers have little room to negotiate price because demand is high. Seller’s markets usually occur when the economy is good, and there is low housing inventory available in the area.”
Time to Sell
When we look at the numbers and see the challenge presented by low inventory, we can see that now is a great time to sell your house. This market provides an opportune time for sellers, who own homes in the starter and middle-level markets, to sell in a sellers’ market before inventory catches up with demand. Serious buyers are actively in the market and ready to make a move during these situations. When inventory is limited at the lower end, like it is today, selling before more homes are listed could mean a significant seller’s advantage to those who are ready to move up. The upper level of the market has much more inventory available to move into, so it’s a win across the board.
What Does This Mean
If you’re considering selling your home, now may be a great time to make your move. Take advantage of the high housing demand and the low inventory of homes for sale at the lower end of the market and use your purchasing power while mortgage rates are down to go after the move-up home of your dreams.
Give me a call, and I can help you decide if now is the right time for you.