“It’s not just a sellers’ market, it’s a super sellers’ market…This is an incredibly competitive homebuying environment,” said Odeta Kushi Deputy Chief Economist at First American. There are many reasons that lead to selling a home and if you or anyone you know are considering, now is the time. We are currently experiencing one of the most unique selling markets of our lifetime and there are many advantages to listing your home.
The law of supply and demand is in full effect with the pendulum leaning in favor of sellers. The demand for homeownership continues to grow as Millennials and Gen Z’ers flood the market. A recent survey conducted by the National Association of Home Builders, showed that 40% percent of homebuyers have been outbid on a home in which they wanted to buy. So, what does this mean for you as a seller?
Leverage! Today, sellers have more leverage than they ever have. You may ask, how do we know this? Well, there are 3 things that buyers want in today’s market: 1.To buy a home. 2.To buy a home now before prices continue to climb. 3.To buy a home now before mortgage rates rise.
These 3 buyer needs provide sellers with leverage, also referred to as power within negotiations. Most understand that leverage enables sellers to get the maximum price for their home, but there are also other seller needs that leverage will help satisfy.
Another benefit to having leverage is the ability to make use of your equity. Some people are concerned with the well-known obstacle of finding a home to buy. But, here is the good news. Leverage can assist in creating a win-win situation between you and a potential buyer that allows you to find your next home. Whether moving up or downsizing, now is the time to use your negotiating power to take advantage of your equity. Sellers are looking for strong buyers and if you’re downsizing, cash is still king. If you are moving up, higher-end homes are generally in greater supply and equity, paired with current mortgage rates, make it more affordable.
If you are ready to take advantage of this “Super Seller” market, let’s have a detailed conversation and get you moving