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Last updated on February 3rd, 2021 at 12:07 pm
Experts say, there is an unseasonable trend in the housing market. Home sellers are expected to command higher home prices in the winter due to high buyer demand and low inventories.
Danielle Hale, realtor.com’s chief economist said, “Sellers will have the ball in their court, so to speak, as there are more buyers than sellers.
This means seller-friendly trends like rising home prices and quick-selling homes.”
Compared to the same period last year home inventory was down by 39% in September. Due to record-low mortgage rates, buyers are out wanting to save on financing costs.
As such, in September 71% of homes sold were on the market for just 21 days on average, another all-time low.
That’s down from 32 days on the market one year ago. Likewise, the median price for home sales in September was $311,800, up 14.8% from a year ago.
Now at $350,000, the national median home listing price climbed 11.1%in September compared to a year ago. Data from realtor.com shows that the price per square foot has increased by 13.9%.
Simon Isaacs, broker-owner of Simon Isaacs Real Estate in Palm Beach, Fla., told realtor.com. “Prices are high. People are getting what they’re asking.”
Move-in-ready homes tend to be most in-demand, real estate professionals say.
Homes that don’t require repairs, as well as homes that show off in-demand amenities such as extra space, outdoor areas, privacy, and rooms that can double as home offices or learning areas are likely to sell fastest.
Homes for sale that offer virtual tours, which buyers can peruse from the safety of their own homes, have also grown in appeal during the pandemic.
Home sellers need to be ready for possible multiple offers for their homes. Matt Curtis, owner of Matt Curtis Real Estate in Huntsville, Ala., told realtor.com. “Literally eight hours of sleep could net you an extra $30,000.” Sellers usually have 24 to 48 hours to accept an offer.
Real estate pros are suggesting to their sellers that they don’t rush to accept offers too quickly.
Reference Source: Realty Biz News
