The new year officially is in full swing, and housing experts predict another year of high demand and rising home prices. There has been a surge in buyers over the past few years, which has created a housing shortage. It remains a seller’s marketplace that is beneficial to homeowners looking to sell. You might consider the current housing demand if you are unsure whether now is the right moment to sell your condo. Continue reading to discover the top reasons you should sell your condo now.
1. It’s a seller’s market
Nationally, there’s no question that it’s a seller’s market. A seller’s market refers to a “market situation characterized by a lack of goods for sale, leading to greater pricing power for sellers.” This is exactly what’s happening right now. 98% top real estate agents declared it a seller’s marketplace in Q2 2021. According to HomeLight’s Summer 2021 Top Agent insights survey, the market was 79% higher than it was last year. Sellers are in a better position because there are less homes for sale. A seller’s market is a time when homes sell quicker and buyers are able to compete to purchase a property. Despite all the uncertainty over the last couple of years, there has been an unprecedented rise in the housing market. It is now the perfect time to sell your home!
2. Low supply
The United States faces a housing shortage, with fewer homes on the market than ever. This is affecting all areas, from small towns to major cities. According to data from the National Association of Realtors, housing inventory fell by 39.6% in 2020. Low inventory is due to a few factors, including the pandemic. Many people’s lifestyles changed due to widespread COVID-19, including the rise in remote work. Many homeowners decided to move to more affordable areas with better housing options, such as close proximity to their family or friends. Home buyers and sellers were in a frenzy due to historically low interest rates. The lack of new construction is another factor that contributed to the low supply. The number of houses sold each year is largely determined by the amount of new construction. A lack of consistency in building materials and skilled workers means that fewer homes can be sold.
3. Selling homes is quick
The United States is seeing a rapid increase in house sales. The average home stayed on the market for 25 days before being sold — a decrease of 30 days in 2019. In 2021, homes were sold in a median 17-day period and the supply fell 12% compared to the same period in 2020. It depends on the local market, seasonality, and how long it takes to sell a house. Despite some deviations from the norms in recent years, the time it takes for a home to sell has been steadily decreasing over the past decade. For instance, in 2010, the average days on the market was 140. This includes the closing period. It’s no surprise that homes are selling faster than ever. This is why it is a good time to sell your condo.
This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences Fort Lauderdale #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The Paramount Residences enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the beach.