To sell or not to sell right now? That is the question we’ll answer today.
Whether you’re looking to move up or downsize, here’s the complete breakdown on supply and demand and why the imbalance between the two in this market makes right now the peak time to sell:
1. High buyer demand. Buyer demand is stronger now than we’ve ever seen. I track the number of buyers that come through our properties for showings, and that number is up by 65% over last year. This will likely continue into the busier parts of the spring and summer until the supply begins to catch up with the demand.
2. Inventory remains incredibly low. There are so few homes for sale currently that the market is simply running out of supply—we just can’t keep up with the demand. Even as the number of home sales skyrockets, inventory just continues to drop. At the same time, new construction home builders are increasing their output this year, but even they can’t keep up with the growing demand.
So what does this mean for sellers? Well if you’re thinking about putting your home on the market, don’t wait. As a homeowner, you’re in the absolute best negotiating position when demand is high and supply is low. Compound that with our extremely low interest rates, and you have a perfect storm for sellers.
Hopefully, as 2021 progresses and the pandemic subsides, more homes will come onto the market, but don’t wait for your competition to enter the market before you decide to act. If you list now, you can get an incredible price for your home, and sell it in record time.
If you’ve been thinking of selling your home or have any questions, reach out to me. Let’s discuss your real estate goals and form a plan to get you to the next stage of your life.