Should you sell now?
"Should I sell now?" This is a question I am asked quite a bit lately. Per typical in Realtor fashion I always preface that by stating "That's a question that is ultimately up to you" along with "It's always a great time to sell". Obviously there is a lot more to this question than those two one-liners, and of course I go much deeper into the topic.
Real talk, if you're looking solely at how much you'll get for your property NOW really is an outstanding time to purchase. Amazing is an understatement on how today's real estate prices have been and continue to climb. Don't take my word for it, here are the market stats directly from my board of Realtors for April 2021.
Just take a look at the Average Sales Price; up 3% from March 2021, up 28% from April 2020! Yes really! Combine that with Active Listings down 2% from March 2021, and down 65% from April 2020 and you have the recipe for multiple offers and massive buyer's competition the likes of which hasn't been seen in years. Wondering how this translates to dollars on the listing? Look at the at the Average Sales Price. April 2020 $292,233, April 2021 $372,711, up by 28%.
Incredulously this doesn't seem to have an end in sight. As I've stated in my blog previously, unlike 2008, real estate is not the problem with the economy currently. There is simply a lack of inventory that has been listed over the last year and investors are increasingly viewing real estate as a safer investment than Wall Street. Not to mention the effect the pandemic has had on people's view of where they live and how they live.
All that said, you never know when this will start to slow down. While I don't expect a "crash", eventually I do expect there to be a softening where this will slow down. It's impossible to predict. If you're in a position or expect to be in position to sell, I recommend giving me a call to have a free listing consultation to explore your options. Never play chicken with market conditions, you lose more often than you win.
So now we know and understand why it's a great time to sell. But what happens if you need to buy? You'll just have to spend more money to get the new house or property right? Well in short, yes you will. But that shouldn't bother you because you just sold for more (possibly way more) than you would've a year or even a couple months ago. The saying "you buy in the market you sell" comes to mind and it's true. The reality is if property values were down you would have made far less money, and then had to buy getting more for less. Now we're in the position of selling for more and paying more. Remember the lyrics to the Facts of Life intro? "You take the good, you take the bad, you take them both and then you have, the facts of real estate"... or something like that...
In the end selling real estate is a decision that will have to be made by you when the time is right. That is always my primary concern and goal for every seller I represent. That said, yes, now is an excellent time to sell and I would be happy to help you with that process. Should you or anyone you know want to know more about the process simply ask me for a Listing Consultation (no obligation & free) and the rest will be addressed at that time.