If you are considering selling your home, the good news is that the benefits of selling a home this season are overflowing, and worth exploring.
1- Active Buyers in the Market
Buyers are firing up the housing market by continuously submitting offers and creating a major demand to purchase a home. One of my own
listings last month in the City of Winnetka was sold 5% over the sales price before it even hit the market as an active listing — the house
was already listed over market value. According to the National Association of Realtors (NAR), existing-home sales increased by 24.7%
from June to July, so there is no doubt that buyers are actively hunting for homes to purchase.
2- Low Inventory
While the demand to purchase is very high, the inventory is significantly low creating a seller’s market. According to the
Existing Home Sales Report from NAR, total housing inventory is down 21.1% from this time last year. This situation makes a great
opportunity for you to sell your property in a shorter time at a higher price. The best time for selling your house or anything is when the demand for
that item is higher than the supply, which in real estate home buyers are considered as demand and supply is the home inventory. If you are
considering selling your property, do it now while the homebuyers are actively looking to purchase and overbid each other offers. This gives
you the option to counter the offers, pick the best offer and close escrow at the highest price.
3- Low Mortgage Interest Rate
According to Freddie Mac, this summer’s rates dipped below 3% for the first time ever and have been hovering at record-low levels. The
low-interest rate is fueling homebuyers’ activities since purchasing a house is becoming more affordable and homebuyers are able to purchase
at a higher price. The low-interest-rate not only affects the current homebuyers’ activities but additionally motivates the current
homeowners to sell their current home and buy something new at a lower rate.
4- Rising Home Price
Today, with increasing homebuyers and decreasing home inventory the sellers can make a good fortune of their sales. The high demand, low
inventory, and low mortgage interest rates are firing up the market value. If selling your house is your plan, sell it now because you now have
the option to negotiate the top dollars for your house and are lucky to pick one offer out of many.
5- Re-evaluating Current Home
People are moving for numerous reasons and the recent pandemic situation is giving families an opportunity to re-evaluate their
current home and needs. Many are deciding to have an office, gym, roo for their children’s virtual school, outdoor space for activities, and
more for their family to be safe.
6- High Homeowner Equity
One of the main reasons for the housing market crash in 2007 was because homeowners owed more on their mortgage than what the house was
worth, or if they had any equity left it was very little with variable mortgage interest rates. So many homeowners lost their homes and
walked away with nothing. Today, that’s far from the case. According to CoreLogic, homeowners have an average of $177,000 in equity today.
Leveraging that equity to make a move while mortgage rates are so low may be the golden opportunity you’ve been waiting for when it comes to
your long-term homeownership goals.
The bottom line is, the housing market is making one of the most substantial recoveries from this year’s crisis. With power in the market clearly in favor of sellers, if you’re ready to take advantage of this exceptional situation, it’s an excellent time to sell yourhouse and move into the home of your dreams.
Rana Khanjani, MBA
Luxury Commercial & Residential Real Estate
Award Winning Realtor | DRE# 02021891
818 723 9071
22020 Clarendon St. #200, Woodland Hills, CA 91367