Why Homeowners Should Consider Selling Their Homes Now

Selling a home can be an overwhelming process, especially in today’s unpredictable economy. While the real estate market keeps sailing right along, there are indeed nearly 500,000 fewer homes for sale than this time last year. With supply being down, demand is going up, creating a seller’s market.

If you’ve been thinking about selling your home, now is the right time. Still have some concerns? Here are a few reasons homeowners might be hesitant about selling and what’s really going on. 

1. Homeowners Worry About Securing New Housing When Their Home Sells

Today’s market gives buyers a few good reasons to purchase a home right now: to own a home, to buy before prices continue to climb and to obtain a mortgage with a historically low interest rate. As a result, sellers have great leverage that allows them to sell at a great price while getting what they need out of the deal. 

As the seller, you’ll get a great price for your home, but you’ll also be able to secure temporary housing while you look for or build your new home. You can ask the purchaser of your current home to allow you to lease the property until your new home is ready. 

2. Sellers Don’t Know if Their Home will Sell for a Good Price

Bidding wars and top-dollar sales are at an all-time high right now, making 2021 the perfect time to sell your home. Anytime a bidding war happens, it drives the price of the item up, which gives you top-dollar for your home. According to real estate experts, average homes are selling well above their listing prices.

3. Sellers Don’t Know if Their Homes will Sell without Requiring Repairs or Upgrades

In today’s market, your home is in high demand, and as such, will likely sell despite its outdated features. Because of the lack of homes for sale, buyers are more willing to take on homes that need repairs or updating simply to secure a home they love. 

If you’re worried about making upgrades to your home before selling, skip the major overhauls like kitchen or bath remodels, and instead, focus on projects to refresh its look like painting and power washing the exterior. 

4. Homeowners Fear a Long Closing Process

When selling a home, the processes that take the most amount of time are finding a buyer and closing the deal. Because the housing market is so hot right now, homes are selling faster than ever before. Many homes only sit on the market for 18 days before being snapped up. 

As for the closing process, it’s never been faster. The average time it takes to secure a mortgage these days is 51 days, and if it’s an all-cash deal, it can likely close in as few as 30 days. 

Selling a house can be an overwhelming process, for sure. With today’s real estate market favoring sellers, though, now is the best time to sell your home.