Are you ready for this housing market

gray rising bar graph with overlay of green line graph If you’ve toyed with the idea of moving up, downsizing or just craving a change of scenery, you may want to consider selling your home in THIS housing market. With today’s housing market temperature being very newsworthy, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates are motivating homeowners in this housing market to make a move that addresses their changing lifestyles.

Recent events in this housing market have delayed plans for many homeowners looking to move on to the next stage of life. In fact, a larger share of homeowners are planning to list their houses now. So, that means more homes are about to hit the housing market, which will lead to more choices for buyers too.

Homebuyers may start rethinking their decision to buy

Battle-weary homebuyers in the current housing market are starting to reconsider purchasing a home right now. In some areas of the country, they’ve chosen, “ever so slightly,” to rent a home while awaiting better opportunities for buyers.

If you’re thinking of waiting for a different housing market to sell your house, please know that your neighbors may be one step ahead of you by now. If you want to stand out from the crowd, THIS housing market is the best time to make sure your house is available for buyers. Here’s why.

Yes, the housing market is still red-hot for home sellers, but if you’re waiting for it to get even hotter before placing your home on the market, you may be disappointed.

Take advantage of the current pool of homebuyers to get the most money for your home.

Sellers Are Still Firmly in the Driver’s Seat

couple driving down the roof with the sunroof open Historically, a 6-month supply of homes for sale is needed for a normal or neutral housing market. That level ensures there are enough homes available for active buyers. The latest reports from our Triangle MLS shows that number is at 3 WEEKS yes weeks not months!

So, What Does That Mean for You? When the supply of homes for sale is as low as it is in the housing market today, it’s much harder for buyers to find homes to purchase. This drives up competition among buyers, who then submit increasingly competitive offers to win out against others in the home search process. As this happens in a housing market, prices rise and your leverage as a seller rises too, putting you in the best position to negotiate a contract that meets your ideal terms.

Housing Market Prices And Supply

And while the low home supply we’re facing in the current housing market won’t be solved overnight, sellers this season should move quickly to maximize their potential. As the data shows, with more prospective sellers planning to list their homes in this housing market, selling sooner rather than later helps your house rise to the top of a buyer’s wish list so you can close the best possible deal.

The bonus for you as a home seller right now is that you’ll have little competition from other sellers. A well-prepared home in a decent area can easily become the belle of the local market and receive multiple offers from qualified homebuyers.

What will interest rates do? Some economists are predicting rising mortgage rates, cooling off the housing market. So far, the increase in rates has come with ups and downs marked by a gradual rise over time. As this incremental rise continues the market will cool, even if it’s just slightly.

Don’t try to time the housing market. By the time it turns a corner for sellers, it will be too late; you will have missed the top of the market.

Bottom line is this, selling your house over the next few weeks gives you the best chance to be in front of buyers competing for homes while the number of homes for sale in the housing market is still low. Connect with The Old Mill Group Real Estate today to discuss how you can benefit from today’s sellers’ market.