Tuesday Coffee- 4 Major Incentives to Sell This Summer

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Happy Tuesday Morning to YOU!
 
Hope the holiday week was fun and festive for you and your family.  We had a blast here in the high country.  Lots of good music, farmer’s markets and great food.  We are deep into summer fun here – the Dillon Marina is buzzing and the amphitheater concerts are back in full swing.  Hope you can come up and enjoy the fun! If you aren’t getting up here to enjoy your place as much as you want, maybe it’s time for a change! 

While the housing market forecast for the second half of the year remains positive, there may not be a better time to sell than right now. Here are four things to consider if you're trying to decide if now's the right time to make a move.

4 Major Incentive to Sell This Summer:

  • 1. Your House Will Likely Sell Quickly
According to the most recent Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly. The report notes homes are selling in an average of just 17 days.
 
Average days on market is a strong indicator of buyer competition, and homes selling quickly is a great sign for sellers. It's one of several factors that indicate buyers are motivated to do what it takes to purchase the home of their dreams.
  • 2. Buyers Are Willing To Compete for Your House
In addition to selling fast, homes are receiving multiple offers. National Association of Realtors reports sellers are seeing an average of 5 offers, and these offers are competitive ones. Shawn Telford, Chief Appraiser at CoreLogic, said in a recent interview:
 
The frequency of buyers being willing to pay more than the market data supports is increasing.
 
This confirms buyers are ready and willing to enter bidding wars for your home. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.
  • 3. When Supply Is Low, Your House Is in the Spotlight
One of the most significant challenges for motivated buyers is the current inventory of homes for sale, which while improving, remains at near-record lows. As NAR details:
 
Total housing inventory at the end of May amounted to 1.23 million units,
up 7.0% from April’s inventory and down 20.6% from one year ago (1.55 million).

Unsold inventory sits at a 2.5-month supply at the present sales pace,
marginally up from April’s 2.4-month supply but down from 4.6-months in May 2020.
 
There are signs, however, that more homes are coming to market. Odeta Kushi, Deputy Chief Economist at First American, notes:

It looks like existing inventory is starting to inch up, which is good news for a housing market parched for more supply.

If you're looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.

  • 4. If You're Thinking of Moving Up, Now May Be the Time

Over the past 12 months, homeowners have gained a significant amount of wealth through growing equity. In that same period, homeowners have also spent a considerable amount of time in their homes, and many have decided their house doesn't meet their needs.

If you're not happy with your current home, you can leverage that equity to power your move now. Your equity, plus current low mortgage rates, can help you maximize your purchasing power.

But these near-historic low rates won't last forever. Experts forecast interest rates will increase in the coming months. Nadia Evangelou, Senior Economist and Director of Forecasting at NAR, says:

Nevertheless, as the economic outlook for the United States looks brighter for the rest of the year,
mortgage rates are expected to rise in the following months.

As interest rates rise, even modestly, it could influence buyer demand and your purchasing power. If you've been waiting for the best time to sell to fuel your move up, you likely won't find more favorable conditions than those we're seeing today.

  • Bottom Line
With supply challenges, low mortgage rates, and extremely motivated buyers, sellers are well-positioned to take advantage of current market conditions right now. If you're thinking about selling, let's connect today to discuss why it makes sense to list your home sooner rather than later.
 
If you have any questions or need help with anything, please reach out!  We are delighted to help you! 
 
See you in the mountains,
 
 
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Did You Know When You Go Under Contract On A Property, Within 3 Days Your Earnest Money Is Due?
This week Deena Heppner gives us the inside scoop on what earnest money is, when it's due, and what the process is!
What Is Earnest Money? - Earnest money is a deposit made to a seller that represents a buyer's good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing. In many ways, earnest money can be considered a deposit on a home, or good faith money.
How Much Is Due For My Earnest Money? - Typically it is 1%-2% of the purchase price, in this market some buyers are offering more in order to be competitive in multiple offer situations.
What If I End Up Not Wanting To Purchase This Home? - Earnest money is protected by due diligence deadlines in the contract. It gives you time to inspect the property. If something arises during the contract period, and you no longer want to move forward with the property, you can terminate and get your earnest money back.
What Happens To The Earnest Money? - The earnest money goes towards your down payment and cash at closing.
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Warmly,

Allison Simson, Kelie Gray, Trisha Moore, Isabel Rawson, Deena Heppner, Brandy Morgan, Margaret Bowes, Allyson Ertel, & Joy Lukasiewicz
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