It’s no surprise that many Americans are looking to buy a home in 2021. Home ownership is at a high right now, and it looks like this trend will continue through the next decade.
But what about those who already own their homes? Should they be thinking about selling their house? Homeowners should consider their decisions carefully because they may not have as much time to sell if the market continues to heat up.
In this blog post, we'll discuss how consumers feel about home sales in 2021 so you can make an informed decision on whether or not you should sell your house!
Over the past few summers, Fannie Mae's recent Home Purchase Sentiment Index (HPSI) shows that more people consider now to be a good time to sell than in previous summers (see graph below). Today, about 75 percent of consumers feel it's a good time to sell their homes.
Why is the seller sentiment improving year over year?
The higher good time to sell sentiment is related to present market circumstances, particularly low housing availability and intense buyer demand. In a nutshell, we don't have enough homes for sale to satisfy consumer demand.
Clearly, the scales are weighted strongly in the seller's favor today. However, while housing availability is unquestionably restricted, the graph on the right side of the chart shows how inventory levels are gradually improving each month as more sellers put their homes on the market.
As a seller, this means that each month, purchasers have more alternatives to select from. As a result, with time, your property may receive less buyer traffic. According to realtor.com's Chief Economist Danielle Hale, it works like this:
“More homeowners continue to list homes for sale compared to a year ago… Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers.”
What does this signify for you?
There may not be a better moment to sell than right now if you've been waiting for the ideal opportunity. Inventory is growing on a monthly basis, so selling sooner rather than later will allow you to get the most out of your house.
In 2021, if you want to sell your home, it's still the year to do so. The distinctive combination of low inventory and high demand won't endure indefinitely. Let's connect and discuss what you need to do now to get your house sold and take advantage of this sellers' market.
What to chat? There's an open line to the man himself.
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