If you’re on the fence about selling your home, we have a stat that might interest you. A study from the National Association of Realtors Sellers found that the median home price was $303,900 in January 2021 — a 14 percent jump compared to January 2020. The message? It’s a seller’s market. Here are some other things to consider if you’re ready to sell your home.
It’s a seller’s market, but there’s a catch: There isn’t much supply. As Marketwatch reports, a circle of market failure has emerged. Potential sellers are worried they won’t find a new home, so they aren’t selling, which in turn constricts the supply and keeps other potential sellers from selling.
With such short supply, you’re going to have a tough decision ahead. You’ll have to pick between buying a new home first then putting up your home for sale, or selling first and then buying a new home. If you buy first, you’ll have to qualify for two mortgages at once, which isn’t easy. The best thing to do is likely to sell first, and start looking for your new home as soon as you list your home. If possible, you can get the buyer to agree that the sale is subject to you finding a new home first.
When you do list your home, get ready for multiple offers. Don’t pick the first one. Sit down with your real estate agent and think through all the offers. Pick the one that makes the most sense for you.