SELLERS: SuperMarket - AKA "Go on, take the money and run..." Steve Miller
This song came to mind the minute I started writing about today's "sellers'" market!
Home sellers have big expectations of multiple offers, bidding wars, and high prices when they list their home for sale. They see and hear what their neighbor just sold their home for and are thinking, "Hmmm, maybe it is a good time to sell." You've been hearing about the low interest rates for mortgages coupled with lower inventory. Add to this the past 14 months of pandemic challenges and we are seeing sellers coming back which should help moderate prices and bring more balance to the housing market over the coming months. Home sellers have big expectations of multiple offers causing bidding wars, driving up prices when they list their home for sale, according to a new survey from realtor.com® of 657 homeowners planning to sell in the next 12 months. One quarter of homeowners expect to get more than their asking price, and approximately one third of sellers plan to ask for more than what they think their home is worth, the survey shows.
Home sellers are looking to cash out on the red-hot housing market. Family goals, lifestyle choices and wealth planning are the typical driving forces behind someone putting their home on the market. But, lately more homeowners want to take advantage of the opportunity to make a profit.
Homeowners nationwide are getting the message about the booming housing market. Per realtor.com®’s data. 94% of home sellers say they expect to get more than what they originally paid when they bought their home. One in 10 sellers expect to get double what they paid for the home.
Sixteen percent of sellers say they expect a bidding war to take place for their home and that they’ll have multiple offers to choose from. A quarter of sellers expect to have an offer within a week of listing, and 16% expect to receive an all-cash offer. Attempting to buy a home has gotten so competitive that buyers are now more willing than ever to not ask for repairs, or credits with many willing to waive contingencies, such as financing, appraisal, or home inspection.
If you have any plans to sell this year, please give me a call. I can update you on neighborhood trends and current values. You may be pleasantly surprised!