3 Graphs Explain Why You Should Sell Your House With an Agent’s Help Now
There’s no doubt that 2021 is the year of the seller when it comes to the Rochester and Finger Lakes housing markets. If you’re a homeowner thinking of moving to better suit your changing needs, now is the perfect time to sell your house. Low mortgage rates are in your favor when you’re ready to purchase your dream home, and high buyer demand may give you the leverage you need to negotiate the best contract terms on the sale of your house. It is a very competitive market in our area for buyers and sellers alike. Buyers need to write the right offer to the sellers – presenting the right price and terms for the sale. Sellers need to be aware of what a realistic sale price is for their home, without leaving any “money on the table”. This is not the right market to buy or sell without a real estate professional on your side.
Here’s a look at what’s driving this sellers’ advantage and why there’s so much opportunity for homeowners who are ready to move this season.
1. Historically Low Inventory
The National Association of Realtors (NAR) explains: “Total housing inventory at the end of March amounted to 1.08 million units, up 3.9% from February’s inventory. Unsold inventory sits at a 2/1-month supply at the current sales pace, marginally up from February’s 2-month supply and down from the 3.3-month supply recorded in March 2020.“
Even with a slight rise in the number or houses for sale this spring, inventory remains near an all-time low.
2. Frequent Bidding Wars
As a result of the supply and demand imbalance, homebuyers are entering bidding wars at an accelerating rate. NAR reports the average number of bids received on the most recently closed sales is 4.8 offers. This number has doubled since the first quarter of 2020.
As buyers face increasingly tough competition while searching for homes to purchase, they’re more likely to be flexible and generous in their negotiations. This gives a seller the opportunity to choose the best buyer for their needs and be selective about things like time to close, contingencies, renovations, and more. Working with a trusted agent is the best way to determine how to navigate the negotiation process when selling your house.
3. Days on the Market
In today’s market, sellers aren’t waiting very long to find a buyer for their house, either. NAR reports: “Properties typically remained on the market for 18 days in March, down from 20 days in February and from 29 days in March 2020. 83% of the homes sold in March 2021 were on the market for less than a month”
NAR Chief Economist Lawrence Yun explains: “The sales for March would have been measurably higher, had there been more inventory…Days on the market are swift, multiple offers are prevalent and buyer confidence is rising”
If you’re thinking about moving, these three graphs clearly show that it’s a great time to sell your house. It’s a very competitive market out there and not one you should approach without a REALTOR in your corner. Contact us today and we can talk about your timeline and needs.
Nestled just below the southern border of Lake Ontario, Rochester and the Finger Lakes regions are a culturally rich and stunningly beautiful part of Western New York. This blog will take you to some of the most wonderful places and events our area has to offer and give you a little insight to our little corner of the world!
Courtney Dudek Licensed Associate Broker
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