If you’re thinking of selling your house before the end of the year, you should start planning now. When it comes to selling real estate, the sooner the better. But don’t be dismayed if you, like many others, find yourself in the fourth quarter of 2021 and still want to sell your home. Mortgage rates are now low, and properties for sale are scarce. These are ideal conditions for potential sellers. These low rates, however, will not persist forever in the natural cycle of things. The home market will gradually begin to recover as more sellers become aware of the situation.
The spring and summer are the finest times of year to sell a home. The “selling season” usually begins in May and lasts through July, and this past summer has been particularly favorable for home sellers. Naturally, this varies by region, but statistically speaking, that is the greatest time to sell.
According to Zillow, a real estate analytic company: “Generally, the best time to sell a home to maximize return and minimize time on the market is May 1 to May 15. Homes sold in the first half of May sell six days faster and for $1,600 more than the average listing.”
Don’t worry if you missed that ferry. It doesn’t rule out the possibility of selling your home in the fall or winter. These figures simply indicate that selling early in the year is easier and faster.
However, the housing market has performed exceptionally well this year. Despite the pandemic-related unemployment weariness, conventional home prices soared by as much as 24 percent at the start of the year. Even while these prices and rates are starting to cool and come back down to earth, the aftershocks of this historic spike may be felt well into next year. Especially as a growing number of people return to work.
Another factor to consider is the inventory (home) gap that exists across the United States. Fewer homes are being listed for sale at the moment, creating an extremely favorable environment for potential sellers. However, these conditions do not endure indefinitely, and if you were planned to sell, it would be in your best interest to do it now, or as soon as possible. By the year 2022, the market may have returned to competitive levels, making it more difficult to sell your house. However, in the majority of cities and areas across the United States, the market remains extremely low. The housing market in metropolitan areas is still witnessing large reductions. For example, in the last year, the population of Austin, Texas has decreased by a startling -72.7 percent.
For a large chunk of the country, selling a home has never been easier than it is right now. Homes that are just listed are flying off the “shelves” even without the staging and “setting up.” The standard rate on a 30-year mortgage fell to 2.65 percent at the beginning of January 2021, eclipsing any previous record lows in the last 50 years.
To put it another way, if you’ve been thinking about selling your house, do it immediately or as soon as feasible (before the end of the year). The housing market is delicate, and these advantageous conditions will not last indefinitely. As more people learn about it, more homes will be placed for sale, putting the seller at a disadvantage.