In today’s housing market, there are more buyers than there are homes for sale. This gives sellers a significant advantage. Here’s why you will have the upper hand if you sell this season:
“Homebuyers are frequently getting into bidding wars,” says Mary Iannaccone, Sales Associate at ERA Justin Realty, “and that’s really driving prices up.” According to the National Association of Realtors (NAR), homes are receiving an average of 3.7 offers in today’s market. As a seller, this works to your advantage, potentially netting you more for your house when you close the deal.
Greater Return on Your Investment
Rising prices mean homes are also gaining value, which increases the equity you have in your home. According to CoreLogic’s Homeowner Equity Insights Report the average homeowner gained approximately $51,500 between the 2nd quarter of 2020 and the 2nd quarter of 2021. “This means if you sell now you will have more money to put down as a down payment on your next house,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “Or you can bank it and borrow more at a low interest rate.”
In a sellers’ market like we have today, you’re in the driver’s seat if you make a move. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally land their dream home.
So, is low housing inventory a big deal?
Yes, especially if you want to sell on your terms. Moving now while inventory is so low is key to maximizing your opportunities.
If you’re interested in taking advantage of the current sellers’ market, call Mary Iannaccone or any of the agents at ERA Justin at 201-939-7500 to determine your best move.