Selling your home in today’s housing market might be easy, but it may intimidating to look for a new home. If you’re not sure if you can keep up with today’s fast-paced housing market, think again! In this seller’s market, there are great opportunities to successfully sell and purchase a new home.
Home Buying Demand
Today, sellers have the most leverage during negotiations due to a high buying demand. According to the National Association of Realtors (NAR), home sales are up 44.6% from last year (comparing May 2021 to May 2020). More people are looking to purchase homes because of historically low rates, and because of appreciating home values. Additionally, according to the National Association of Realtors (NAR), homes typically sold within 17 days of being listed in May of 2021. This is 9 days shorter than it was in May of 2020. With homes moving on and off the market faster than ever, this should give sellers confidence to list their homes.
Opportunities for Sellers
With this leverage, sellers can list their homes at today’s rental rate and negotiate with the buyer to lease the home back. This could benefit both parties: buyers can purchase a home within their home budget. All while sellers are able to “buy” more time in their current home while they search for their new home.
The National Association of Realtors (NAR) has also released a study illustrating that buyers in today’s market have placed double the amount of offers to purchase homes, comparing the first quarters of 2020 to 2021. With the high demand for homes, the purchase price is appreciating, and homes are selling above listing prices. Creating a bidding war amongst buyers – a great opportunity for sellers to earn more on their home than originally anticipated. It’s also important to note that because of the highly competitive market, negotiations with buyers for home renovations has decreased.
To learn more about how to sell your current home, and buy your dream home, contact a team member to today!