Your Home May Be Worth More Than You ThinkPosted Friday, March 26, 2021
Despite the pandemic and economic downturn of 2020, nearly every city in the United States is actively living in a true ‘seller’s market’. Due to low mortgage rates and an increased desire for homeownership, there are more buyers seeking homes than there are properties to meet that demand. Realtor.com's data for the week ending March 6, 2021, shows that the median home price of listings in the United States increased by 14.3% year over year- wow! In short, homes are now selling rapidly and at higher prices.
What Does This Mean for Home Buyers?
Unfortunately for those in the market to buy a home, the stark reality is that current conditions favor sellers over buyers. With the number of homes for sale so low and housing prices so high, home buyers should expect competition when bidding. Buying in such an unmistakable seller’s market will require realistic standards and flexibility with factors such as precise location and price- now is NOT the time for home buyers to have a set of rigid, unflinching expectations. Most important is the need to accept the reality that 2021 will be a tough time to buy a home in the United States.
What Does This Mean for Home Sellers?
On the opposite end of the spectrum, 2021 is an ideal time to sell your home. You may be surprised by how quickly people are willing to put in highball offers when you list. Not only will you spend fewer days on the market, but you’ll also likely receive multiple offers which can increase the overall sale. Although selling your home in the midst of a seller’s market will surely be easier, home sellers should keep in mind a few key pieces of information when selling. Always carefully consider every offer you receive, even if it seems like a slam dunk. Sometimes sellers are so focused on the best offer that they don’t do their due diligence in researching the financials of each buyer. It’s common for sellers to quickly accept an unrealistic bid and then be forced to put their home back up for sale when the deal falls short.
Whether you’re a home seller looking to benefit from the high sales prices in the market or a home buyer trying to navigate through the limited number of homes for sale, The Sharon Falco Group is here to help! Sharon and the experts on her team have sold nearly 6,000 homes over the years, and aim to provide you with the service you need to sell or buy a home seamlessly.
If you have any questions or would like to schedule an appointment feel free to give The Sharon Falco Group a call today 630-307-2760!