With the home seller's market we're in, and homeowners should be motivated to sell their house before the end of this year. As Arizona heads into the 2021 Holiday season and Christmas draws near, more and more buyers will start looking for a new place. With low home inventory and low mortgage rates, now is a great time to sell your home.
Recently, the share of homeowners listing their houses for sale this winter has increased. This means a more significant number of homes - and more choices for buyers.
- Quote from George Ratiu, manager of Economic Research at realtor.com:
- "The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter."
If you're thinking of waiting until the spring to sell your home, it may be worth looking into when other people in your neighborhood are selling theirs. If you want to set yourself apart from the others, consider selling this winter.
Arizona Sellers Are Still Firmly in the Driver's Seat.
Historically, six months' worth of homes is needed for the normal level of housing to be available. It makes sure there are enough homes for buyers who are looking to buy
Not long ago the National Association of Realtors (NAR) published their data on existing homes sales, and we're seeing that there is a low amount of inventory - compared to other months. We can presume this means it's more challenging for buyers to find homes.
What Does That Mean for Home Owners in Arizona?
When the supply of homes for sale is as low as today, it's much harder for buyers to find homes to purchase. This drives up competition among buyers and leads them to make increasingly competitive offers on available homes. This results in a bidding war and means that some people may be denied the chance at homeownership.
When there's a shortage of houses, prices will rise. As this happens, you'll then be in the best negotiating position to try and negotiate better contract conditions.
The low housing supply means that sellers may need to move quickly to seal a deal. As the data shows, there has been a significant increase in the number of people planning to sell their homes by December. With this in mind, it's best to list your home at the start of winter. This will allow your Arizona property to stand out with less competition and get sold for top dollar.
Listing your property now could give you the best chance to sell by the end of this year. Let us know how to help you during today's high competition between sellers.
Photo by Maksim Goncharenok from Pexels