Why Right Now Is an Excellent Time to Sell
Many people in the market have been asking me whether now is a good or bad time to sell. Truthfully, the answer depends. For most people, this is the fastest appreciating market we’ve seen since before the crash of 2008, but the market isn’t one-size-fits-all. Today I’ll share three reasons why now is an excellent time to sell and one reason why you might need to wait.
1. Sellers are enjoying more demand and leverage than ever. Homes that are priced correctly can receive anywhere from 10 to 30 offers each. More offers mean more leverage, a faster sale, and fewer headaches. Many homes are selling for well over their asking prices, even when the asking price was already reasonable. Some buyers are so hungry for homes that they’re waiving contingencies and are willing to pay the appraisal gap if the home doesn’t appraise for the sales price.
2. Interest rates are still as low as 3%. Not only does that help sellers who need to purchase once they sell, but it also means that we have a bigger crop of qualified buyers in the market.
3. Previously overlooked locations have become more popular. We’re continuing to watch ZIP codes that would normally go overlooked, many of which have increased buyer traffic. That’s in part due to the fact that so many more people are able to work remotely, which allows them to be more flexible with location.
“Many homes are selling for well over their asking prices, even when the asking price was already reasonable.”
There is one scenario I’ve seen in the market where it might not actually be a good time to sell: right now. The downtown condo market is hurting, in part due to some of those areas being hit hardest by COVID and political unrest. Many condos are sitting for a long time on the market, which has become oversaturated with inventory.
Even if you’re on the fence about selling, I still encourage you to look at a comparative analysis to see what your options are. It might be that holding onto your property and renting it out might still be a good move to make.
Don’t hesitate to reach out to us with any questions you have. I’d love to help you figure out what the best move for you is in today’s market.