If you’re trying to decide when to sell your house, there may not be a better time to list than right now. Today’s housing supply challenges, low mortgage rates and highly-motivated buyers create the perfect recipe for a seller’s market.
Here are three reasons to put your house up for sale this fall if you’re ready.
1. Your home will likely sell quickly with competitive buyers.
Two factors indicate buyer demand – average days on market and average number of offers received.
According to the Realtors Confidence Index published by the National Association of Realtors (NAR) in July 2021, homes typically sold within 17 days compared to 22 days one year ago. And locally, the average number of days a house is listed for sale is consistent with the national average or even less. In Ottawa County, the average days on market was 18 in July and 17 in August. In Kent County, the average days on market was 12 in both July and August.
The same research report by the NAR also indicates sellers are receiving multiple, competitive offers. In fact, the average sold home had more than 4 offers. Buyers today know bidding wars are a likely outcome, and they’re coming prepared with their best offer in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial wellbeing.
2. Your house is in the spotlight when inventory levels are low.
One of the most significant challenges for motivated buyers is the current inventory of houses for sale. Although it’s improving, it remains at near-record lows. The chart below highlights how low today’s inventory is compared to just five years ago in the West Michigan area – specifically Ottawa and Kent Counties.
If you’re looking to take advantage of buyer demand, selling before more listings hit the market might be your best option. Low supply, along with a tailored and effective multi-channel marketing strategy, will ensure that your house gets in front of the most potential buyers.
3. Right now may be the perfect time to move up.
If you’re outgrowing your current home, it may be the perfect time to make a move. Growing equity, plus current low mortgage rates, can help propel your move now. These 10-year low interest rates won’t last forever.
When rates rise, even modestly, it’ll impact your monthly mortgage payment and your purchasing power. Here’s an example of how a $250,000 home loan can add up when mortgage rates and home prices rise.
If you’re thinking about making a move, let’s work together to ensure you’re well positioned to win when you sell your home this fall.