Look forward to a lot less competition
Here’s an overview of why selling this winter may be smarter:
- Even after the buyer boom seen in 2020, it continues: Buyer demand is outpacing the supply of available homes for sale, so homebuyers frequently compete to snatch up limited listings.
- Housing inventory is at an all-time low, sitting far below the 6-month supply required to support a healthy market.
- With rates also at all-time lows, this may be the ideal time for you and your family to get the extra space you need for remote work and schooling or to start your next chapter in a new location.
Prequalify in minutes and find out why now’s a great time to sell.
Another perk to keep in mind if you’re selling this winter: The buying and selling process is likely to move faster.
Because of the competitive market conditions mentioned above, homebuyers have to do whatever they can to stand out — including getting prequalified for a mortgage before they start shopping. This speeds up selling significantly. It can also make selling simpler. Buyers may know how much they can afford before they start attending showings and submitting offers on your house.
Many sellers are seeing homes “fly off the shelves.” That is to say, homes are selling quickly – almost two weeks faster (13 days) than they were just a year ago. Notably, homes are selling much sooner right now than they typically do in the winter.
CoreLogic’s latest Homeowner Equity Insights Report also shows that appreciating home prices have contributed to rising home values. As a result, the average homeowner has gained $17,000 in home equity, the biggest equity gain since 2014. So, you’re likely to see a greater return on your investment when you sell – turning a profit that can be put into savings or used for a new down payment.
Does your next dream home await?
As you’re prepping to sell and move up or even downsize, you probably have questions. How much down payment will I need for a new house? Should I sell my home before I buy another one? Will I make more money if I become a landlord? Prequalify and connect with a local loan officer who can get you answers — and get you into your new home — fast.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources deemed reliable but not guaranteed.