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Hey Sellers: You Shouldn’t Sleep on This Hot Seller’s Market!
We’ve put our lives on hold for the better part of a year, and now that the population is getting vaccinated, the nation is beginning to reopen, and life is returning to normal. What does this mean for the real estate market? According to a survey released by Homelight, it’s a seller’s market in much of the country, and 50% of surveyed agents believe it’s only going to get more intense.
So, what does that mean for those who are thinking about selling their homes? What does this mean for people who need to sell their homes quickly? Agents share their predictions on the market and why this is a great time to sell.
Buyers make their best offer first
As communities receive the COVID vaccine, people will venture back into the world and go about their lives, which includes buying a house. There is a slew of reasons folks need to buy when it’s a seller’s market, but buyers are getting ruthless and submitting their best offers right off the bat since housing inventory is so low.
Sellers are getting offers that are above the asking price, the offers don’t include the usual contingencies, and some sellers are receiving cash offers.
The cost to buy a house has increased over the years and today’s market is no different. Since this is a seller’s market, housing prices are increasing at a much faster rate than before.
There are a few factors at play here, but they can be summed up as supply and demand. The lack of inventory means that buyers are willing to pay more to get the house. In turn, these higher prices are looked at when agents determine what their client’s house could be listed as. These prices can rise even more if properties are in a desirable area and a bidding war on a property.
More offers mean a faster sale
Another way sellers can benefit from selling a home during a hot seller’s market is by being able to hold out for an offer they can’t refuse. They can sift through offers, and based on their needs, and they could choose the highest offer, which doesn’t include contingencies, an offer that promises a quick sale, or a cash offer (to name a few).
Remote work sparks more relocation
The pandemic has shown employers that employees can stay home remotely if the work can be done remotely, and there’d be no decline in productivity. Businesses are taking note of this, and remote work will likely be a permanent policy to some degree. Workers who can work from home have the opportunity to relocate if they want to since there’s no need to stay close to the office.
The chance for growth is possible
While many people see real estate investment and management as a means by which to manage the house they live in and pay the mortgage on, it’s also a good idea to consider using your profits to invest in getting higher up that property ladder.
Just make sure you’re aware of the investment market in your local area as you wait for prices to die down, and consider the impacts of your reputation if you fail to consider certain investments in which compliance and regulation are changing.
For instance, HMDA Scrub Software can help you polish your record when it comes to investment and management in urban areas. The chance for growth is possible, but seizing an opportunity with caution and care is just as important.
Sell your market now could mean big profits
It can be a little unnerving entering the real estate market during the best of times, but uncertainty is a common (and understandable) feeling after this pandemic. However, we don’t always have a choice when we need to move. Thankfully, real estate agents believe it will still be a strong seller’s market in the second half of the year.
So, while you may not have to pack your bags and sell your home right away, you can rest assured that when you are ready, the market will be in your favor, and your house could sell for a pretty penny. If you have equity in your home, you could stand to make a decent profit!