Is it a seller’s market now?
According to Realtor.com, the current home supply on the market is at an all-time low. At the same time, demand is up, millennials are reaching their peak home-buying years, mortgage rates hit record lows and more people are working from home than ever before.
Here’s a look at some of the current market trends, as shared by Realtor.com:
- Home sales are up by 44% from a year ago.
- The median home price for all listings increased by 12.2% over last year for the week ending June 19, 2021.
- The national median home price in May 2021 was $380,000.
- Homes are on the market for 33 fewer days than last year.
Clearly, it is a seller’s market.
Will the market conditions last throughout the year?
Experts are doubtful that it will remain a seller’s market.
First, more sellers are putting their homes up for sale to take advantage of favorable market conditions. Second, with the federal moratorium on foreclosures and evictions having ending on July 31, 2021, more homes are expected to enter the market. Finally, mortgage rates have already started climbing. All of these factors will likely cool the market over the next few months.
Why might it be a bad idea to sell my home now?
Under certain conditions, it may not be in your best interest to sell your home now.
First, you will be on the wrong side of the aisle when buying a new home. If you are upsizing, you’ll need to pay more for your new home than you would when the market settles. You’ll also find slim pickings when searching for a new home.
However, if you are downsizing, this can be a great time to get top dollar for your home. Before putting your home on the market, though, do some research to ensure you can find and afford a new place to live.