Now is One of the Best Times to Sell your West Hartford Home!
Now is One of the Best Times to Sell your home in West Hartford!
Seller Competition Is at an All-Time Low, Mortgage Rates at all time lows, large number of Buyers in Market
Its a perfect storm for Sellers in West Hartford CT: Low inventory Sellers are just not putting their home on market in large enough numbers, Mortgage rates at under 3% for buyers with good credit. The number of new listings coming on market is down from 130 in June 2019 vs 114 this year a decrease of 12%. Take a look at West Hartford Market Update June2019vs2020. The local Buyer/Seller housing dynamic is shifting in favor of Sellers. Some of our Sellers have been in Bidding Wars over their Homes. Where Buyers in order to win the Bid have had to go over asking price and drop some of their contingencies.
In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.
The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.
While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.
Bidding Wars Heating Up Again
With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:
“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”
Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.
If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.