Most homeowners hope for a quick and profitable transaction when selling a home. It puts them in a position to make a great move. If you are only waiting for the best time to win as a seller, the market is calling your name this spring.

There are five reasons why it is the perfect time to sell your house if you’re ready.

1. There’s a high demand from homebuyers.

Buyers are active in the market and buyer demand is strong right now. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5% compared to this time last year. Daniil Cherkasskiy, Chief Analytics Officer at ShowingTime, notes:

“As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory…On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand.”

You’re in the best spot possible as the seller if your house is positioned to get a ton of attention from competitive buyers.

2. There aren’t enough houses for sale.

Right now, the market is running out of available houses for sale due to the high purchaser demand. Realtor.com recently reported:

“Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year.”

As home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically too, as revealed by the National Association of Realtors (NAR). Houses are essentially selling as fast as they’re hitting the market – in fact, the average days on the market for a house is only 21 days as per NAR reports.

The imbalance between high buyer demand and a low supply of houses for sale is what gives sellers such an advantage. When demand is high and supply is low, a seller will always negotiate the best deal. And that is exactly what’s happening in the real estate market today.

3. You have a lot of leverage in today’s market.

Clearly, a lot of people are interested in buying than selling this spring, which creates the ultimate sellers’ market. When this happens, homeowners who are about to sell have the upper hand in negotiations.

According to NAR, agents are reporting an average of 3.7 offers per house and an increase in bidding wars. This means the ball is in your court if you are the seller- so much so that you can use your leverage to negotiate the best possible contract. Now is the perfect time to sell for the most favorable terms, as the demand is apparently out there.

4. It’s a great way to use your home equity.

According to the latest data from CoreLogic, as of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, which continues to grow as home values appreciate. Equity is a type of forced savings that grow during your time as a homeowner and can be invested towards bigger goals like buying your next dream home.

Mark Fleming, Chief Economist at First American, notes:

“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”

5. It’s a chance to find a home that meets your needs.

A lot has changed over the past year, and that includes what we need in a home. Having to spend extra time where we currently live allows us to re-evaluate homeownership and what we find most important in a home.

May it be a house that has the features suited to working remotely, a space for virtual or hybrid schooling, a home gym or theater, or something else, selling a home this spring gives you a chance to make a move and find the home of your dreams.

Bottom Line

Today’s housing market undeniably belongs to the sellers. Whether you are considering making a move but have been waiting for the right market conditions, your wait may be over. Contact My Tampa Agent so you’ll be positioned to win when you sell your house this spring.

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