Thinking about selling your home? NOW is the time to put it on the market. We are currently receiving multiple offers on home sales—and we have many buyers searching for their new home. The real estate market is HOT. Right now. Still not sure? Here are several reasons to put your home on the market today:
● Buyers want to buy your home. In fact, according to the California Association of Realtors June housing market report shows “an unprecedented rebound in closed sales and the state also set a new all-time high price of more than $623,000.” Not only that, while full economic recovery is a ways off, the housing market recovered significantly from May to June. “Home sales increased by more than 40% on a month to month basis. And although California is still below 2019 levels by 12.8%, it is a marked improvement from the sub-300,000 levels of April and May.”
“I have experienced multiple offers for my buyers in good homes they were pursuing. Well priced homes have multiple buyers placing offers on them.”
— Jae Wu, co-owner of Heyler Realty
● Sales are going up. With less inventory in the spring and many buyers that were hesitant to buy due to uncertainty, summer sales are expected to go up. Per MarketWatch: "Pending sales activity has continued to rise as summer has rolled in, with many economists arguing that most people who wanted to buy a home simply delayed their purchase because of the coronavirus rather than forgoing it entirely... ” Further, Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a research note: “The summer [home sales] will be strong.”
● Sellers are seeing multiple offers. Although May saw a decrease in listings, it also saw an increase in multiple offers. In fact, Heyler Realty agent Kate Kennedy says a recent client's condo sale brought in multiple offers. The bidding-war rate was above 50% in Los Angeles and throughout the country with single family homes leading the way. In May, 51.5% of offers for single-family homes faced competition, up from 45.6% in April.
Why the increase in buyer demand? Beyond historically low interest rates, many real estate professionals theorize that during the pandemic people have realized that they simply don't want to share a yard or laundry space anymore.
If you are concerned about selling your home and not finding another one, we have your back.
Ready to sell? Contact the Heyler Realty team. We can discuss ways to sell your home, while making sure you, as a buyer as well, can feel secure in your decision.