Right now, the housing market is completely different than it was a year ago. In fact, because of lower mortgage rates and tight inventory, homes are getting snapped up relatively fast. Therefore, right now it is a seller’s market. Although that is great news if you are selling a home, you should still keep some things in mind. Here are 5 things you should know if you are currently trying to sell your property:
Covid-19 and the Housing Market
The pandemic changed a lot of things in the world. The dynamics in real estate were certainly no exception. For one, lockdowns made people reconsider their current living situations and encouraged many to move. A lot of people are now looking for bigger homes that can better accomodate their needs.
In addition, remote working also encouraged people to look for homes with features like home offices and home gyms. If you are selling a home, keep this in mind and try to optimize all the spaces in your property so that they are more appealing to potential buyers.
Home Inventory is Low
Because the pandemic spiked demand, right now the housing inventory is pretty low. Therefore, the market is extremely competitive for buyers. This is a good thing for sellers because it means that more people are going to be interested in the home you are selling. The historically low inventory levels have been fueling bidding wars and has led to properties going under contract very fast. Therefore, if you are selling your home, keep this in mind and be ready to move pretty fast once you list the property.
Prices are High
Because demand is high and inventory is low, prices are going up. Therefore, right now is a great time to sell if you’ve been thinking about it. Because competition is so tight, many buyers are making offers that are above the listing price.
Interest Rates are Still Low
Ever since the pandemic started, interest rates have been low. Although they have risen ever since, they still remain very attractive. Although the cost of homes is higher, low interest rates are still a huge incentive for buyers.
This is a good thing to keep in mind as a seller, because if you are selling a home, it likely means that you might have to move into another one. Therefore, knowing that you can sell your home for a high price and get a mortgage with a low interest rate is beneficial if you are on the fence of selling right now.
Selling a Home?
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AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in Miami we are here to guide you through every step of the way. That is, from mortgage applications, to finding your dream home and closing the deal. We can make the process of selling or buying your home as smooth as possible. Contact us today!
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).