Due to the Covid, we saw the nation shut down temporarily, thus causing a lot of commotion in our economy. The Feds decided to cut rates bringing current mortgage rates to historical lows giving a ton of opportunity for home buyers in the market. In contrast, the fear of the virus put a lot of sellers in a position to oppose selling which was a huge driving factor in the continuous drop in home supply. Fast-forward to current market, we have seen all across the nation a surge rise in the median sales price. The demand for buying is much greater then the supply of homes for sale at the moment. What that means for sellers is that they have the greatest opportunity and leverage in selling in our current market.
2020 Summary:
The National Association of Realtors are showing forecast predictions with a some optimism in our market. Though no one has a crystal ball that will tell us what will happened. Their are indicators that have great influence in the market. Here’s are a few things you want to keep an eye on in your local Market:
Key Indicators
With everything going on you’d think that sellers will have it pretty easy selling their home. Well though that may be true sellers still have a challenges in accomplishing their goals. The biggest challenge Sellers are having is simply finding where to go next. With not much confidence sellers are a hesitant to list due to the pressure of being able to find the next place. Along with finding the next place its a whole other story being able to time the sell of the home with the purchase of the next. In comparison, to recent challenges sellers still have to deal with getting the home prepared to list and being able to have trusted representation to ensure that the process goes as planned.
Challenges for 2021:
– Finding the next place to go
– Dealing with Deadlines
– Preparing to Sell
– Finding the Right Representation
When it comes to Selling a house in 2021 there’s many factors you want to look at to compare all options. Here are my few tips to on how to tell if considering selling your home in 2021 makes sense. Fist take a good look at your home. ask yourself if this house has everything you want?.. more/less size, different location , rooms, yard and so on.. Once you come up with a good idea of things you wish you home had now it’s time to look at how much the next home could be then game plan if it could makes financial sense for you. If everything checks out the next step is talking to a local real estate expert and get a better understanding of what the process would look like getting yourself into the next home
Seller Tips
-Analysis your current home
– Go over Likes/Dislikes
-Compare Homes that have what you want
-Gage if it makes financial sense to Sell and buy
-Talk to a local Real Estate Expert
When you take in consideration of current market conditions, there’s many ways we guide our clients through the sell of their home keeping leverage on even through the purchase of the next. Currently there’s is a shortage of inventory where this is causing two problems 1. Not able to find a home you want. 2. Competing in Bid wars. Normally when a Seller puts in an offer to buy the next house they do what’s called a contingency. This offer allows time for the seller to sell their home and can protect them in an event where the sell of their home doesn’t sell. This obviously makes the offer a higher risk to take in which hard to compete in an multiple offer situation. What we have found with our clients is to focus on sell of the home first then focus on the purchase. Now most feel uncomfortable putting their home up for sell when there’s not a place to go next. However the fact is even though the home is Listed the seller has full right to accept, counter, or deny offer. This give ultimate power to the seller to plan out the next move. Listing the house will show the amount of attention and a good idea of what a buyer will offer on the house. Once this data is understood there’s a few options a seller can utilize to make the buy more efficient. one options is negotiating a timeframe to find the next place and also control possession. This allows sellers to put in a normal offer without having to use a contingency.
Guide
1st List Your House
2nd gage attention and buyer’s value
3rd Game plan the buy
4th Use Seller leverage to Negotiate your terms
5th Match up timelines to your best situation
6th Offer and compete with next home
7th Execute the game plan and Close
