By Manuel Tovar, October 29 – Hispanic Solutions Group
Fall and winter are not traditionally the best time to list your property for sale, but this sweater or sweater season may prove to be an exception.
Toni Weigel, who recently listed her home in Pleasant Hill, California, said the 2008 housing market “burned” her (flopped) and she didn’t want to make the same mistake again. At the time, she was ready to sell her San Francisco condo, but the market crashed before she could close. “I was trapped in that house for seven years,” she said. Although experts say the real estate market in the current year 2021 is quite different from 2008, there are still signs that activity could be slowing down a bit. This is what is happening in the real estate world that may make you want to sell now.
What does the real estate market say?
Now may be the optimal time to sell. “You’ll get more dollars for your home than at any other time in American history,” said Mac Cregger, who is senior vice president and divisional sales manager for Angel Oak Home Loans.
Home prices have grown at a record rate over the past year, roughly 16 percent nationally year-over-year for the second quarter of this year 2021, according to data compiled by the Federal Reserve Bank of St. Louis. . On top of that, mortgage rates have risen, but remain near record lows, increasing the borrowing power of buyers. Together, those factors, and a persistent lack of inventory, tilt the market in favor of sellers.
Kevin Kieffer, a broker associated with Compass’s EastBayPro team in the East Bay area near San Francisco, said prices likely won’t go up much more anytime soon, and there’s no guarantee other favorable seller terms will remain in place. in the spring.
Some tips for home sellers
You may be able to sell your home quickly and avoid that real estate commission, which averages 5 to 6 percent of the sales price. But to get the best price, the home must be priced appropriately and exposed to the widest possible audience, so it’s a good idea to consider the help of an expert agent. “Talking to a real estate professional is the most important thing,” said Mac Cregger. “You need to know your market. You need to know what is for sale, you need to know what is attractive. Kevin Kieffer agreed, adding that working with a smart real estate broker will be even more important if you decide to wait to list your property. “Right now almost everything is for sale,” he said. & quot; There will be more next year: you better be ready to go on the market, it will not be so easy to sell a project.
What you should know
High property prices mean it will be a good time to be a seller for the foreseeable future, and if you feel ready to list now, there is little reason to wait.
While prices may continue to rise through the spring, so will mortgage rates. And as more listings come to market, buyers will have a little more sway when it comes to the terms of the contract.
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