Seize the Opportunity: Why Selling Your Home Now Could Lead to Multiple Offers

Seize the Opportunity: Why Selling Your Home Now Could Lead to Multiple OffersAre you considering selling your house?

It's important to know that the current number of homes for sale is low. This season, there are fewer sellers listing their houses for sale than usual.

Looking back at every April since 2017, the only year with fewer sellers listing their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April.

Several factors contribute to this trend.

But one significant factor keeping inventory low right now is homeowners' reluctance to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. This phenomenon is known as rate lock. According to a recent survey from Realtor.com, 56% of people planning to sell in the next 12 months say they're waiting for rates to come down.

While this wait-and-see approach is suitable for some sellers, it also creates an opportunity for more eager sellers to jump in now.

If your current house no longer fits your needs and you're ready to move, now is the time to act. When fewer sellers are putting their homes up for sale, buyers will have fewer options, making it more likely that your house will stand out. This could lead to multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”

If you're ready to sell now, consider beating the competition before it comes onto the market. By doing so, your house should stand out and could receive multiple offers. Partnering with a real estate professional can help you get your house on the market and take advantage of this unique opportunity.

I can provide information and guidance on real estate pricing strategies and the importance of working with a knowledgeable real estate agent. It is crucial to understand the value of your home and how pricing it correctly can impact the selling process. By researching and selecting a reputable real estate agent, such as Laura McMillan or Austintatious512, who has a strong track record and positive reviews, you can ensure that your home is priced accurately based on market trends and comparable sales in your area. Utilizing online estimating tools like realtor.com® can provide a general idea of your home's value, but it is essential to rely on your agent's expertise and local market knowledge for a more accurate pricing strategy. Pricing a home involves a combination of art and science, considering factors such as recent sales data, competition in the market, and the overall condition of your property. Working closely with your agent to analyze comparable properties and market trends will help you determine the best listing price to attract potential buyers and maximize your selling potential. Remember, the initial days on the market are crucial, so setting the right price from the start is key to a successful sale.

When you're ready to begin your real estate search or thinking of selling, remember this.  We will excel as your Lakeway real estate agent.  We are confident in being the best for you and look forward to showing you what Lakeway, Texas is all about.

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