There has never been a better time to sell your home. As home market values continue to rise, there is an influx of buyers seeking to purchase homes. There are not many homes on the market right now, as supply is down about 22 percent since last year.
This means that you can increase the odds that you will be able to sell your home at the price you command. Here are a few other reasons why it is financially smart to sell your home right now before the market becomes saturated with many “for sale” properties.
More buyers than ever want to purchase homes
Demand is at an all-time high right now for the purchase of homes. The market has experienced a significant uptick in the number of buyers seeking to purchase properties. Just this month, Bloomberg News reported that the U.S. has experienced a five-year high in the increase in demand within the real estate market.
Sales have increased about 10 percent since 2013. Even in the midst of harsh weather, buyers are still seeking to purchase homes.
Sellers have greater negotiating power when demand is high
Right now, sellers are in essentially a perfect market. Demand is high, and supply is low. This gives sellers more power to sell their properties at a price that makes sense to them. Sellers are closing on land sale contracts faster than ever.
If a buyer is too difficult to work with, sellers also no longer feel confined or forced to sell a home to that buyer. A seller can feel confident that another buyer will come along and be easier to work with in completing a land sale contract.
Sellers are able to obtain high prices for the sale of their homes
A recent Bloomberg news article also shows that median sales have risen about 3.5 percent. This is a significant increase when you are dealing with home sale prices that exceed $200,000. Sales have increased by 73.7 percent in the Northeast.
In the South, sales have jumped by 10 percent. Sales have also increased by 11 percent in the West. Research also indicates that the pool of “for sale” homes is only getting smaller, and it has already decreased by 5 percent since June of 2013.
Buy or rent the home you truly want
Some sellers are making the decision to forego purchasing a new home with the proceeds of a sale, and they are instead turning to the opportunity to rent a property.
Renting a property gives sellers the freedom to move to a new location without feeling constrained in purchasing a new home. Renting a home may also prove to be more affordable for individuals who are in their elderly years.
More and more people are now selling their homes to enjoy this new freedom that comes with renting a property. Certain expenses, such as the payment of property taxes, may be completely eliminated when a person rents.
Overall, these are the top reasons that now is the time to sell a property. The time has never been better to get an excellent price for the sale of one’s home.