Sellers Guide

Right now, we’re still in a sellers’ market, which means conditions are very favorable for current homeowners looking for a change. If you sell now, data shows you can expect:

Your House Will Stand Out

While research from realtor.com indicates there are more sellers getting ready to list their homes this winter, there are still more buyers in the market than there are homes for sale. If you sell your house now, before more houses are listed, it will get more attention from serious buyers who are eager to find a home.

Your House Will Likely Get Multiple Offers

When supply is low and demand is high like it is now, buyers have to compete with each other for a limited number of homes for sale. The REALTORS® Confidence Index from the National Association of REALTORS® (NAR) shows sellers are getting an average of 3.6 offers in today’s market.

Your House Should Sell Quickly

According to the same report from NAR, homes are selling in a median of just 18 days. As a seller, that's great news for you if you’re looking for a quick process.

In addition to these great perks, you’ll also win big on your next move if you sell now. CoreLogic reports homeowners gained an average of $51,500 in equity over the past year. This wealth boost is the result of buyer competition driving home prices up. You can leverage that equity to fuel a move, before mortgage rates and home prices climb more.

The longer you wait to make your move, the more it will cost you down the road. As mortgage rates rise, even modestly, it will impact your monthly payment when you purchase your next home. Waiting just a few months to move up could mean a long-term financial impact.

The good news is, today’s rates are still hovering in a historically low range. According to Doug Duncan, Senior VP and Chief Economist at Fannie Mae:

“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which thought slightly higher than 2020 and 2021, by historical standards remains extremely low.”

Selling before rates climb higher means you can make your move and lock in a low rate on the mortgage for your next home. This helps you get more home for your money and keeps your payments down too. You have a fantastic opportunity to get ahead today.  

The recent surge in home prices is the result of more active buyers in the market than there are homes for sale. And although data indicates more listings are expected to be available for buyers this winter, the shortage of homes on the market won’t be solved overnight. Experts agree, prices will keep rising while demand is greater than supply. As Danielle Hale, Chief Economist at realtor.com, puts it:

“Home prices continue to rise due to a mismatch between supply and demand... This means that housing affordability will be an increasingly important consideration for buyers, but with rents rising by 13.6%, buying may be the relatively more affordable housing option for some.”

Making the decision to buy now gives you a chance to purchase your home before prices increase further, and take advantage of today’s affordability, which won’t last forever.

Census data also shows the median monthly rent is rising year after year (see chart below):

To escape that cycle, consider purchasing a home so you can lock in your monthly mortgage payment and avoid future increases. Why pay more for less? Instead, invest in homeownership, which acts as forced savings that comes back to you in the form of equity, boosting your longterm wealth gain.

With buyers eager to purchase, but so few homes available, sellers who list their houses now have a tremendous advantage – also known as leverage – when negotiating with buyers. That’s because, in today’s market, buyers want three things:

• To be the winning bid on their dream home
• To buy before mortgage rates rise
• To buy before prices go even higher

These three buyer needs give homeowners a leg up when selling their house.

You might already realize this advantage enables you to sell at a good price, but it also means you can negotiate the best contract terms to suit your needs.

And since demand is still high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, look closely at each offer to make sure you understand all the unique terms and conditions before you make your decision.

An agent can help you determine which offer has the best perks for you. If you have questions about what’s ideal for your situation, lean on the experts. Real estate professionals have the right expertise, and they’re skilled negotiators in all stages of the sales process.

This unique opportunity to capitalize on today’s low supply and high demand won’t last forever. That’s because recent data shows some initial inventory relief for buyers may be on its way. There are signs more sellers are about to enter the market. George Ratiu, Manager of Economic Research for realtor.com, says:

“Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.”

For you, that means the longer you wait, the more options buyers will have to choose from, and the less leverage you’ll have when you sell.