If you have a client who’s on the fence about moving, selling their house this fall might be the way to go. Here are four trends in the market that may make the decision to sell this fall an easier one.
1. Buyers Are Actively in the Market
ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 61.9% compared to August of last year. That’s a huge increase.
It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Encourage clients to take advantage of this buyer activity currently in the market so they can sell in the most favorable terms.
2. There Are Not Enough Homes for Sale
In the latest Existing Home Sales Report, the National Association of Realtors (NAR) announced that there were only 1.49 million units available for sale. That number was down 18.6% from one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers.
Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year, shifting the balance away from a strong seller’s market.
3. The Process Is Going Quickly
Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to the latest Origination Insights Report from Ellie Mae, the time needed to close a purchase loan in the month of August was just 45 days.
4. There May Never Be a More Important Time to Move
Your clients have likely spent much of the last six months in their current home. If they are working from home, their children are attending school online, or they just need more space, the current floor plan may not work for a family’s changing needs.
Homebuilders are beginning to build houses again, and a client can choose the exact floor plan to match what their family needs. Additionally, with mortgage rates at their lowest point in years, clients are able to purchase more space for less than they would have in recent years.
The housing market is primed for sellers right now, so connect with your clients to get the process started.