When you list your home for sale, the idea is to sell it quickly and for top dollar. The last thing you want is for it to stay on the market for months and months. You want to get an offers in, choose the best one, and sell it and begin writing the next chapter in your life.
Well, it just so happens that right now we are in a highly contested Seller’s Market. So if you’re are thinking about making a move, now is a great time to sell your house and maximize your return.
The video below illustrates how demand for homes this year is up from last year.
Home Sales Are Up
As the video illustrates, ShowingTime, a popular app used by Realtors® to book showing appointments, recorded 60% increase in July this year compared to last year. In simple terms that means 60% more people were out looking for homes.
Demand rose because of low interest rates and rather than a slump because of the quarantine there was sharp rise. The rise was due to a lack of homes available for qualified buyers.
Realtor.com’s August 2020 Monthly Housing Trends Report, also illustrates the change. It reported that the average home for sale was on the market 5 days less in 2020 than in 2019. This statistic is national average. If we drill down to some of the more dynamic national real estate markets homes stayed on the market for even less time. In the 50 largest urban areas, homes were on the market a full week less than August 2019.
South Florida's Sellers Market
South Florida has one of the most dynamic real estate markets in the country. That coupled with the large influx of new residents supply is simply not meeting demand, especially when it comes to single family homes. In fact Pulte, a prolific developer in Florida, reported a 40% increase in sales in their new communities.
For buyers that are out looking now competition, in South Florida, is stiff. Buyers have to have a strong offer to make in order to even be in the running for an offer on a house. Houses that are priced accordingly are receiving multiple offers within days of listing. Buyers are being asked to come back with their highest and best offers giving sellers a chance to pick and choose the buyer most likely to close. Many a buyer has to put in a number of different offers before theirs is accepted.
The Takeaway: Its The Perfect Time To Sell
So, what does this mean for you? In today’s market, low inventory and high buyer demand is causing homes to sell fast—making it the perfect time to sell (and sell quickly).