I try to create articles that will last for a while in terms of relevance, but…
So we’re in a “sellers market” now? What does that even mean?
One of the many complaints you will hear in real estate circles is that “inventory is low”. Here’s one reason. During the past 5 years, major corporate entities were purchasing anything they could find under $500K (Business Insider). Many of these properties are still off the market. Also, as of this writing the current Federal Funds Rate is 5.25%, whereas a year ago it was 1.75% (Bankrate). In a nutshell interest rates have risen. People are not applying for loans as often, and the rising costs of lumber has stalled new construction.
If you own a place right now, you might be sitting on a potential gold mine. Keep in mind that this is all taking the nationwide market into account. On a local level we may get a completely different read on things. If you are in an area with high traffic, you might consider converting your property for the purpose of serving travelers (AirBnB). You could also downsize and cash out. We’ll find the perfect family to take over your home, and make their own memories. There may also be some additional things that need to happen before you consider selling. Perhaps your home needs renovations or repairs. These solutions are well within reach (Concierge).
What does this all mean for you? Demand for your property is much higher. If you are strategic, you’ll be in a position to command a much higher selling price than usual. If there is a lot of equity in your home, this could be the best time to take profits. New construction isn’t at a complete standstill, but it’s nowhere near full capacity. That makes any home an asset in the current market. Together we can put together a pricing strategy that helps you maximize on the possibilities.