Is it a Good Time to Sell?

Hint- YES!

Last year, many homeowners thought twice about selling their houses due to the onset of the health crisis. This year, however, homeowners are beginning to regain their confidence when it comes to selling safely. The latest Home Purchase Sentiment Index by Fannie Mae shows that 57% of consumers believe now is a good time to sell.

Doug Duncan, Vice President and Chief Economist at Fannie Mae Explains:

“Overall, the index’s monthly increase was driven largely by a substantial jump in the share of consumers reporting that it’s a good time to sell a home, with many citing favorable mortgages rates, high home prices, and low housing inventory as their primary rationale.”

Normally, spring is the busiest season in the housing market- the time when many homeowners decide to list their houses. While this is obviously not a normal year since the pandemic is still very much upon us, experts are optimistic that consumer positivity around selling will lead to more homeowners making moves this year. Duncan continues to say:

“We will pay close attention to see if this newfound optimism develops into a trend.”

What does this mean if you’re thinking of selling your house?

The fact that there are so few houses available for sale today is one driver that’s encouraging consumers to think more positively about selling. The National Association of Realtors (NAR) states:

“Total housing inventory at the end of the January amounted to 1.04 million units, down 1.9% from December and down 25.7% from one year ago (1.40 million).”

With so few homes available to buy, your house will be more likely to rise to the top of an eager purchaser’s wish list in this competitive market. Today’s high buyer activity is creating upward pressure on home prices and more multiple- offer scenarios. According to the Realtors Confidence Index Survey from NAR, the average home for sale is receiving 3.7 offers today, up from 2.3 offers just one year ago. This makes selling even more enticing.

In this kind of seller’s market, you have a huge advantage in the process. And here’s another win- you can also use your equity toward a down payment on a new home when you move.

Wondering where you’ll go if you try to move while it’s so challenging to find a home to buy? Well, in many areas, there are more homes available at the higher end of the market, so finding a move-up home may be less of an issue if you’re ready to search for your dream home this spring.

Bottom Line

If you pressed pause on selling your house last year, now may be the best time to put your plans back into motion while inventory is so low. Let’s connect today to get the process started.

It’s a Sellers’ Market

  • Over the past year, homeowners have gained an unprecedented opportunity to sell with great success while buyer demand is soaring.
  • With homes selling twice as fast as they did last year at this time, getting multiple offers, and rising in price, homeowners are in the driver’s seat.
  • Let’s connect today if you’re ready to learn about the leverage you have as a seller in today’s housing market.

Seller Confidence on the Rise

According to the San Francisco Association of Realtors housing demand in the city remained incredibly strong throughout 2017. With less homes for sale than in 2016, prices were consistently up and properties sold more quickly. Buyers may not have benefited from higher prices, but sellers did, and confidence is said to be on the rise. We are expecting to see more listing activity as the year unfolds. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers. Home building and selling professionals are optimistic, despite the fact that mortgage rates are likely to increase in 2018. One of San Francisco’s leading authorities on market trends, The Mark Company, announced robust buyer activity right away as the year began. It appears as if the 2018 buying season is starting earlier than in previous years. The company’s Condominium Pricing Index indicated strengthening market conditions in December with momentum being as high as the spring market of 2017.

There were plenty of new construction condos available with the start of the new year, and still more are in the pipeline. But some new constructions which had only released units earlier in 2017 are already sold out. La Maison, 72 Townsend, Laguna Hayes,The Rockwell, and The Pacific are down to having only a few homes left. One Mission Bay, the new condominium community across the channel from AT&T baseball park, brought  270 new residences to the neighborhood, however there are only 80 homes left. The Knox and Rowan were just completed in 2017 and are completely sold out. Lumina has sold 670 of its units and has fewer than 50 homes are left. There is still plenty of opportunity to find something elsewhere however, and several new constructions will be releasing new condos in 2018. If you you are looking for a new home, don’t miss out on the opportunity to get in early and get first pick.