2021 was an unprecedented year in real estate, especially in New Jersey, as people from New York and other nearby states made the move to New Jersey during the pandemic. With today’s high buyer traffic and the low inventory of houses for sale, we’re observing bidding wars, multiple offers, and some homes even selling before hitting the market! It’s been a wild ride – but the ride isn’t over yet! This powerful combination of high traffic & low inventory makes now the optimal time to sell. If you are a homeowner looking to sell, I encourage you to take advantage of selling NOW.
While spring & summer are typically the “hot seasons” for selling, if you’re ready to make a move this winter, why wait? Whether you want to move-up or downsize, this season is the optimal time to make your next move. Here are a few important reasons why you shouldn’t wait to sell your home.
High Buyer Demand
Buyer demand is strong right now, and buyers are active in the market. ShowingTime, which
tracks the average number of buyer showings on residential properties, announced
that buyer showings in Spring of 2021 were up 51.5% compared to the same time last year. Because many people enjoy being outdoors when the weather is warm and sunny, hosting an open house during the Spring and Summer will likely result in a lot of traffic. The problem, however, is that many of these people might be curious browsers instead of serious buyers.
During the winter, however, most people aren’t going to venture out unless they’re serious about buying a home. So while your property might receive less foot traffic in the winter compared to the spring, you’re also less likely to deal with window shoppers. Those who visit the property are looking to make an offer!
Low Inventory of Houses for Sale
Most of the country is currently a seller’s market. In Q2 2021, 98% of top real estate agents said it was a seller’s market, up from 79% the year before, according to data from HomeLight’s Top Agent insights survey for Summer 2021.
Spring and summer are prime seasons for buying or selling and many homeowners wait until this time to list their homes for sale. Postponing the sale of your home until spring could result in greater competition due to a larger pool of available properties. If so, your house might get lost in the shuffle and sit on the market for longer than anticipated. But if you were to list your home during the winter, less competition will make it easier for buyers to notice your property.
Conditions Won’t Stay This Competitive Forever
2021 is coming to an end soon, and the current housing market has pushed many buyers to the point of fatigue. Housing experts agree that the pace of price increases we’ve seen during the past year and a half isn’t sustainable.
Even if you keep pace with up-to-date information about the housing market and your equity situation, deciding whether to sell now or wait often comes down to a battle between your heart and mind. While now may seem like the perfect time to sell on paper, there is no deadline.
When in doubt, talk with a top real estate agent, like Enrico Meleo Real Estate, who knows your local market inside and out to help you weigh both your personal and financial motivations.
Let’s connect today to get your house listed at this optimal time to make a move! Contact Enrico Meleo today!