Why are sellers selling?
Many sellers are taking advantage of today’s highly competitive house-hunting environment. Other than the obvious supply and demand – more buyers than inventory, driving up home prices nationwide – what’s actually prompting homeowners to want to make a move this year?
According to a recent survey by realtor.com, here the top 5 reasons sellers are planning to sell their homes this year:
- Our home no longer meets our needs
- We can make a profit in the current market
- We want a smaller house/less work
- We want to live closer to friends/family
- We want different features and amenities
Now is the best time to take advantage of this extreme sellers’ market
61% of people think it’s a good time to sell – and they’re right. Virtually every factor in today’s housing market benefits homeowners ready to make a move thanks to high buyer demand and low housing supply. And, a significant portion of today’s homeowners are planning to sell in the next year. With more inventory just around the corner, right now is the best time to make a move to take advantage of this extreme sellers’ market.
Housing markets have experienced a significant appreciation in home prices during the past decade. The pace of growth accelerated during this past year, with listing prices rising at double-digit rates for almost 10 months. Not surprisingly, many homeowners are enjoying record amounts of equity, especially those who purchased their homes many decades ago. This reality was illustrated by the 94% of sellers who expect their homes to sell for more than the amount they originally paid for them.
“Low mortgage rates and a lack of available homes for sale have created a strong seller’s market, and these survey results show that homeowners think that they have the upper hand if they list their home soon,” says George Ratiu, senior economist at realtor.com®. “However, after a year of challenges which kept homeowners from listing their home, we are seeing sellers coming back which should help moderate prices and bring more balance to the housing market over the coming months. For homeowners planning to sell this year, research your local market conditions to ensure that your home’s price reflects neighborhood trends.”
Homes across the country are selling fast [INFOGRAPHIC]
- In today’s whirlwind real estate market, houses are selling at astonishing speed across the nation
- Four years ago, the average house spent 39 days on the market. Two years ago, homes were on the market for about 24 days. Today, that number has dropped to just 17 short days
- If you’re looking to sell your house quickly and on the best possible terms, today’s market can’t be beaten
Let’s work together to sell your Central Oregon home
For many homeowners planning to sell their house, doing so quickly is a top priority. There’s never been an easier time to do so than in today’s market and if you’re thinking about making a move, we can help sell your home efficiently and for top dollar in our Central Oregon market. Get in touch via the form below and let’s put a plan in place that makes sense for your timeline and goals.