In a sellers’ market, there are more potential home buyers than there are available properties, which makes it an ideal time to sell your home. You can expect it to sell faster, and you’re much more likely to receive multiple offers in addition to selling it for the asking price or even higher.
As 2017 rolled over to 2018, expectations were high, with many believing that this year could be even better than the last for selling a home as U.S. News reported. By spring, those expectations were proving to be a reality, for example, in the San Francisco Bay Area, Forbes noted that homes were selling a whopping 70% above asking prices in March, while the Greater Los Angeles area saw increases in selling prices of 14% over the previous year.
But it’s not just relegated to one of the nation’s notoriously high-priced housing markets, even in the southern region of the country, places like Charleston, South Carolina are experiencing a booming sellers’ market. In fact, Charleston SC real estate was rated one of the top 10 housing markets to watch in the country, reports the local Post and Courier.
Inventory is Tight and Buyers are Clamoring to Get in the Game
As mentioned, there are more buyers than there are homes available for sale, especially in red-hot markets where it’s expensive to build and land tends to be scarce. With buyers’ choices limited they’re having to make some big concessions and even get involved in bidding wars. That pushes prices up, and results in buyers submitting offers that have terms that are more favorable for seller such as waiving appraisal contingency, forgoing repair requests, etc.
Home Prices Continue to Rise
Home prices continue to rise across the nation and are projected to increase by 4.3% by the end of 2018, following the 6.6% year-over-year increase in 2017. That won’t last forever, with some experts noting that it won’t be the same in December, with experts predicting a change in the fourth quarter of 2018. which means now is the time to act to garner the highest price for your property, walking away with an impressive paycheck.
More and More Millennial’s
Builder Online notes that over a third of all home purchases in 2017 were made by millennial’s. This generation has become the largest group of home-buyers, predicted to account for nearly half of all new mortgages by the end of 2018, which means there are even more buyers out there who could be interesting in purchasing your home at top prices.
Consumer Confidence Reached Record Levels This Spring
Consumer confidence in housing jumped to record levels in April according to Fannie Mae, and confidence consumers benefit sellers. The Fannie Mae Home Purchase Sentiment Index rose 3.4 points in April, up to 91.7, which marked an all-time high for the survey.
These factors all come together to indicate the answer is “yes” – now is the best time to sell a home.