The real estate market is in a crazy place right now. All over the country, markets are short in supply when it comes to homes for sale.
This means that competition is high, and homebuyers are getting desperate. So you are probably asking, “Should I sell my house right now?”
It’s tempting, as you will likely be able to secure top dollar. But there’s more to consider than just the selling price.
If you are considering selling your house, there are a few things you need to know. Keep reading to find out if it’s your time to list your home and move one.
Why Is Inventory in Short Supply
The real estate market has been in a frenzy since the onset of the pandemic in 2020. For a short period of time, when things were the most uncertain, much buying and selling paused.
But shortly after the initial onset, demand for homes began rising. And this demand has only grown since then.
Today, so many people want to buy a home. Many are looking to upgrade their current home, since they’ve been able to save a lot of money during the last year, or saved their stimulus checks.
But because the market has quickly become a seller’s market, many current homeowners are wondering where they would go if they sold. This uncertainty, along with many other factors, is keeping homes off the market.
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Should I Sell My House Right Now?
So if you are asking yourself, “Should I sell my house now?” then there are a few things to do.
For starters, it’s an excellent time to sell a home. Many buyers are putting in dozens of offers and still aren’t buying a home. Most listings are receiving tons of offers and go under contract within days, not weeks.
Competition is high and homes in good areas are experiencing bidding wars. So if you’d like to sell your home for more than it’s worth, now is the perfect time to sell.
On top of that, to make their offers sweeter, desperate buyers are waiving inspections, covering appraisal gaps, and including escalation clauses. This may be the best home selling experience you ever get.
The problem with selling is figuring out what to do next.
Where to Go When You Sell
Knowing when to sell your house is tricky. Selling when demand is high is great in order to receive top dollar. But it’s not so great if you also need to buy a home.
If you plan to buy right away, you’re going to experience the same inventory shortage that your buyers did, meaning you are going to pay top price.
Many people are opting to rent for a period of time until more inventory is available and prices come back down. This can be a good option if you don’t need your own home right away.
And still, others are moving into RVs and tiny homes in droves. The allure of van life and lower expenses appeals to many, especially since remote work opportunities have multiplied over the past year.
Real Estate 2021: To Sell or Not to Sell
Listing your home and receiving immediate, over-asking price bids is extremely tempting. However, it’s only worth it if you know where you are going to go.
“Should I sell my house right now?” Answer that question slowly.
You don’t want to rush into the home selling process if you don’t already have your next option lined up. But if you do, it could be the sweetest move to make this year.
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