Wednesday, May 26, 2021 / by Flr Team
It’s a great time to be a home seller. Homes are selling fast and for a premium but that doesn’t mean you can just jump into the market without being prepared. Knowing what to expect can position you to make the most out of this seller’s market.
This current market is playing a role in how many people are deciding to list their home. In fact, 45% of those planning to sell in the next 18 months say recent changes to the housing market have spurred them to sell earlier than planned. If you are one of the homeowners getting ready to be on the side of this strong seller’s market, here is what you need to know.
You Might Be Able to Skip Pre Sale Home Improvements
More than 4 in 5 homeowners who want to sell in the next 18 months say they plan to spend money on major repairs or renovations to make their home more appealing to potential buyers prior to selling. Home buyers are stalking real estate listings and jumping on those that even get close to checking all the boxes, so sellers could likely save some money by limited or forgoing expensive projects altogether. But they may not need to make as many repairs as they thought they would.
It will all Move Very Quickly
If you list your home in this market, there’s little question of the outcome. It will all happen very quickly and you could receive multiple offers over listing price. Existing homes are on the market for an average of 20 days, according to the most recent data from the National Association of Realtors- that’s listed and under contract in less than three weeks!
You’ll Face Stiff Competition Shopping for a Replacement Home
Although this market makes for a great time to sell, it does make it a tough time to buy a home. Just 10% of those planning to sell in the next 18 months say one of their primary motivations for selling is that they no longer want to be a homeowner.
Given the likelihood of which you’ll sell your home and the difficulty you might have finding a replacement, it may make sense to be under contract on a purchase or soon after your home hits the market.
Have questions about this topic, contact us today to chat!
Florida Lifestyle Realty