Are Emerald Coast Homeowners Ready to Enter Today’s Real Estate Market?
As a local area Real Estate Agent, it would be easy for me to say, “Now is the Time to Sell”. However, that is not always the case. Increases in value and high equity sounds good but selling may not be right for you. Here are a couple of things to think about:
- Am I planning to relocate?
- Do I plan to move up to a larger home?
- Do I Plan to downsize to a smaller home?
- Given the low inventory of homes for sell in the area – Where will I go?
- Home replacement cost?
One of the biggest questions in real estate today is, “When will sellers return to the housing market?” An ongoing shortage of home supply has created a hyper-competitive environment for hopeful buyers, leading to the ultimate sellers’ market. However, as the economy continues to improve and more people get vaccinated, more sellers may finally be in sight.
The Home Purchase Sentiment Index (HPSI) by Fannie Mae recently noted the percentage of consumer respondents who say it’s a good time to sell a home increased from 61% to 67%. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, indicates:
“Consumer positivity regarding home-selling conditions nearly matched its all-time high.” (See graph below):
Fannie Mae isn’t the only expert group noticing a rise in the percentage of people thinking about selling. George Ratiu, Senior Economist at realtor.com, shares:
“The results of a realtor.com survey . . . showed that one-in-ten homeowners plans to sell this year, with 63 percent of those, looking to list in the next 6 months. Just as encouragingly, close to two-thirds of sellers plan to sell their homes at prices under $350,000, which would offer a tremendous boost to affordable housing for first-time buyers.”
Bottom Line
On the other hand, now may be the right time for you! If you are considering selling your home in today’s market, do not wait for more competition to pop up in your neighborhood. Explore the benefits of selling your home now before more homes come to the market.
Mike Jones
850-461-9750