Whether or not you keep up to date on the real estate market, you most likely heard about the seller’s market we’ve been in for the last few months. Since it has been awhile, you may be wondering if now is still a good time to sell. According to the most recent market data, you can sell your home quickly and at a favorable price.
With interest rates at historic lows, buyers are looking to enter the real estate market now to avoid higher rates in the future. Since there are so many individuals and families looking to buy, you can safely assume that when your property is listed, you will have many interested buyers. We also know that with high demand comes appreciated prices for sellers.
You can see in the data chart below that pending sales are dramatically higher than previous years. This is a good way to showcase the increase in buyer activity.
With many construction companies accepting less projects due to the pandemic and increased costs of lumber, new builds are lower than previous years. In addition to new construction being lower than usual, in comparison to the strong demand from buyers, the supply of available homes we are seeing in the Twin Cities market still isn’t enough to satisfy the need. For this reason, we see an increase in home prices and quick sale times.
Days on Market
The last thing any seller wants is to list their home for months on end. The goal is to list the property and get eyes and offers as soon as possible. In today’s market, with high buyer demand, low interest rates, and low inventory, sellers can expect to sell their home quickly. If we look at the average days a home stays on the market today, in the Twin Cities, is about 15 days. So, if your home is accurately priced and marketed well by your agent, you should expect to see a similar outcome.
What to Do
If you’re ready to sell, make sure you work with an agent that will advocate and educate you along the way. In order for your home to sell quickly and at the best possible price, the home should be well-marketed and competitively priced. Remember, overpriced homes sit on the market longer than they should, which doesn’t look good when buyers are house hunting.
If you need to move, it’s still a good time. Home prices have not outpaced normal market growth rates, so you can rest assured that you will still be getting a good deal on a home purchase. Once again, you will want to be sure you’re working with a great agent. Since there is a good chance you won’t be the only one putting in an offer, it’s beneficial for you to work with an agent that can be a great educator and competitive advocate for you.