Don't Wait To Sell Your House It Could Cost You a Small Fortune

As it says above you could lose some real money waiting to sell your house. As the inventory remains low and demand for housing is higher it is the best time to get it on the market. Historically April thru July about 40% of homes sell during that time.  But with Covid recovery period things have changed. Here are some reasons why this year will be different.

Buyers Are Looking Right Now, and They’re Ready To Purchase

Comparing this November’s numbers to previous years, this graph shows that the index is higher than last year and much higher than the three years prior to the pandemic.

“The buyers who are willing to house hunt in a winter market, when there are fewer options, are typically more serious. Plus, year-end bonuses and overtime payouts give people more purchasing power." from Freddie Mac's Blog

The National Association of Realtors (NAR) publishes a monthly Pending Home Sales Index which measures housing contract activity. It’s based on signed real estate contracts for existing single-family homes, condos, and co-ops. This is proving true for the number of buyers with signed contracts to purchase.  With housing only staying on the market for approximately 18 days from listed status to under contract.

The law of supply and demand states put your home on the market while the demand is high with less competion. A recent study shows that 65% of sellers who plan to sell in 2022 have either already listed or are planning to put it on the market this winter.  

In the Spring Your Competition Will Be New Constructed Homes

In 2020, there were over 979,000 new single-family housing units authorized by building permits. Many of those homes have yet to be built because of labor shortages and supply chain bottlenecks brought on by the pandemic. That will create additional competition when you sell your house. Beating these newly constructed homes to the market is something you should consider to ensure your house gets as much attention from interested buyers as possible.

If you’ve been debating whether or not to sell your house and are curious about market conditions in your area, let’s connect so you have expert advice on the best time to put your house on the market.

Lamont "Ben" Orr - The Orr Team eXp Realty 720-425-3365

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