Pondering the sale of your home?
It's essential to be aware that currently, the real estate market is witnessing a scarcity of homes up for sale. The reason being, this season, the number of homeowners deciding to sell is less than usual.
Reflecting on the month of April for every year since 2017, the only instance when an even lesser number of homeowners decided to sell was in April 2020, amid the pandemic outbreak which momentarily froze the real estate market. Ordinarily, around half a million homeowners list their properties on the market during April. However, this year, less than 400,000 homeowners ventured into the market during April.
Multiple factors are influencing this trend, but a significant one is the hesitance of homeowners to relocate when the mortgage rate on their existing property is lower than what they could secure today on their subsequent home. This phenomenon is referred to as rate lock.
A recent survey conducted by Realtor.com suggests that 56% of individuals who plan to sell within the forthcoming 12 months are waiting for a decline in rates.
This cautious approach might be suitable for some sellers, but it also paves the way for more enthusiastic sellers to seize the opportunity right now.
If your present home no longer fulfills your requirements and you're prepared to relocate, don't let this opportunity slip away. With fewer sellers listing their homes, buyers have limited choices, thereby positioning your property to attract maximum potential buyers. Consequently, your home could be the recipient of numerous offers as buyers vie over the restricted number of properties available - particularly if you set a competitive price.
Here's a sound piece of advice I've learned over the years of selling real estate: Buy when people are selling and sell when people are buying!