The pandemic tossed traditional “best time of year to buy a home” advice out the window. This year, low inventory and strong demand continue to drive the market. With low housing inventories and high buyer demand, home sellers are expected to continue to command higher home prices this winter – an unseasonable trend in the housing market. The home featured image was on the market for 6 hours when we received multiple offers and sold for $10,000 above comparable homes in the community.
Homes Usually Sell for Less in Dec. – however, not This Year
“Sellers will have the ball in their court, so to speak, as there are more buyers than sellers,” says Danielle Hale, realtor.com’s chief economist. “This means seller-friendly trends like rising home prices and quick-selling homes.”
In September, home inventory was 39% lower when compared to a year ago, but buyers are out in force attempting to lock in record-low mortgage rates to enable them to save on financing costs. Seventy-one percent of the properties sold in September were on the market for under a month, as outlined by NAR data. Properties typically stayed on the market for less than 21 days in September – an all-time low. That is down from 32 days last year. The median existing-home price for all housing types sold in September was $311,800, a 14.8% increase compared to a year ago.
And prices are increasing. The national median home listing price climbed 11.1% in September compared to a year earlier. It’s now $350,000. Price per square foot has risen 13.9%, realtor.com data shows.
Hot housing market likely won’t cool in winter
“Prices are high,” says Simon Isaacs, broker-owner of Simon Isaacs Real Estate in Palm Beach, Fla. “People are getting what they’re asking.”
Move-in-ready houses generally have the highest demand, real estate professionals say. Ones that don’t require repairs, as well as homes that show off in-demand amenities – such as extra space, outdoor areas, privacy and rooms that can double as home offices or learning areas – likely will sell the fastest, real estate pros say. Having virtual tours, which buyers can peruse from the safety of their own homes, have also grown in appeal throughout the pandemic.
Home sellers should be ready for possible multiple offers for their home. Real estate pros are suggesting to buyers that they don’t rush to accept offers too quickly. Sellers typically have 24 to 48 hours to accept an offer.
“Literally eight hours of sleep could net you an extra $30,000,” Matt Curtis, owner of Matt Curtis Real Estate in Huntsville, Ala., told realtor.com.
A Few of Our Recent Sales
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