The current real estate market and what it means for sellers
According to CoreLogic, home prices in the United States increased year over year (June 2020 to June 2021) by 17.2%. Many of our customers wonder what this means for them, as sellers, in this market. Christian explains that this will depend on your unique circumstances and whether you need to sell or want to sell.
If you need to sell your home due to specific circumstances, such as a relocation or career move, it doesn’t matter what is going on in the current real estate market — you need to sell your home, and fast.
However, when the timing works in your favor, you can maximize the selling price. This seems to be the case for sellers currently, with a limited inventory driving up home prices and creating competition among buyers.
For those who simply want to sell their home and are trying to time the market just right, unfortunately, it’s impossible to know for certain when the market has reached its peak. The value of a home is based on what buyers are willing to pay — and this can change quickly. Due to the pandemic, there has been a reduction in the available inventory of homes.
As life gets back to normal, there should be an upswing in homeowners who want to sell — and inventories should rise accordingly. Increasing the number of homes for sale could soften the price a seller can bet for their home, creating a stabilization of the market and reducing the rate at which home values have been increasing.
Regardless of your circumstances, Reali is committed to helping you sell your home with solutions tailored to your individual needs.