Should You Sell Your Home Now or Wait Until Spring?
Are You thinking of Selling your home in West Hartford CT?
If one of the questions you’re asking yourself this year is, “Should I sell my house this year in 2021?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Sellers in Connecticut still feel good about selling their house. Here’s why.
According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:
“The percentage of respondents who say it is a good time to sell a home has remained the same at 59%, while the percentage who say it’s a bad time to sell this year has decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”
As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house in West Hartford, CT.
Why is now a good time to sell in West Hartford?
There simply are not enough homes available in town to meet today’s buyer demand, at present in West Hartford there are only 45 active single family homes on the market. They are selling just as quickly as they’re coming to the market. There is only a two months’ supply of homes in town. The low supply of homes is helping make this a strong Sellers’ Market. According to the National Association of Realtors (NAR), unsold inventory available today in the surrounding Greater Hartford towns sits at a 2 to 2.4 -month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.
With so few homes available for buyers to choose from, we’re in a true strong sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season. Many homes in West Hartford are receiving multiple offers with favorable terms and few contingencies. The pendulum has swung back in favor of the Sellers in our local markets.
“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.”
However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:
“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”
If you’re ready to make a move, you can feel good about the current sentiment in today’s market and take advantage of the strong Sellers’ Market happening now. You are in the Driver’s Seat and can structure favorable contract terms with the closing date that is convenient for you. Let’s connect today to determine the best next step when it comes to selling your house this year in 2021.