When consumers are on a pursuit to purchase something and can’t find what they really want, many of them encounter that frustrating feeling of slim choices in stores or online. Such is the case with housing inventory as the end of this year draws closer. With fall in full swing and school underway, this is the time of year sellers typically consider pulling their homes off of the market or delay listing it until next year.
With a faster pace of sales in many real estate markets throughout the country, current and future home sellers might want to rethink that strategy.
Housing choices are more limited at this time, which could create pent-up demand as buyers crave new choices. Many buyers are ready to purchase, are actively monitoring property listings for “the one” and will spring into action upon learning about fresh options.
Reasons homeowners may want to list their homes right now
1. Low inventory
It comes down to “Economics 101:” there are a shortage of homes for sale in many markets all over the country in relation to buyer demand.
This produces a highly desirable atmosphere to obtain the very best price and terms for a home if sellers prep for sale the appropriate way. Did someone say bidding war?
2. Rising appreciation
After several years of dealing with distressed sales and foreclosure inventory that caused values to decline, home prices are on the rise.
Many sellers are in an enviable position to sell and walk away with a nice profit that they can use on the next place they decide to call home.
3. Low interest rates
With mortgage rates hovering around the 3.5 percent range, the cost of borrowing money remains extremely attractive.
Couple that with a variety of attractive mortgage programs, and there have never been more responsible choices for buyers at various price points and stages to buy a property, whether it’s a primary or secondary residence – or investment.
4. New construction boom
Lots of new home options are being built throughout the country that offer a range of options from move-up, rightsizing, downsizing and a variety of turnkey and luxury options.
Builders have created lots of choices, including multigenerational housing and walkable options where you could leave the car behind, to appeal to the dynamics of an ever-changing population.
With healthy appreciation and low interest rates, sellers could possibly be pleasantly surprised to discover that a new home could be more affordable in comparison with what they previously thought.
5. ‘Wow’ technology and marketing tools
There has never been a set of more powerful tools in a savvy agent’s arsenal to deliver maximum exposure and reach for a seller’s property.
Predictive analytics, social media marketing, drones and the use of video to be a powerful storytelling medium connect the dots with the appropriate buyer much faster.
In addition to that, tech has brought us powerful customer connection tools (such as video calling applications that allow buyers to view properties no matter where on the earth).