There is high buyer activity and a historically low number of houses for sale right now. The perfect time for homeowners to sell their house is when the demand for homes is higher than what’s available for sale. Here are a few ways that low inventory can help you get a great deal if you’ve been on the fence about selling your current home.
Better Seller Terms
When there is a seller’s market like there is today, it is much more like being in he driver’s seat when you choose to sell your home. The ball is in your court and you have the power to sell on your own terms because low inventory means less choices for buyers. Buyers are more likely to work with you if it means they can purchase a home in a market where they are hard to find.
Greater Investment Return
ROI is a major focus in real estate. As prices rise, homes gain value. This drives equity increases - in just the second quarter of last year, homeowners were gaining an average of $9800 in equity. Growth in equity can give you the ability to put that money toward a down payment on your next home.
Higher Prices
With buyer numbers high and seller numbers low, homebuyers are having to enter bidding wars for the houses they want. This competition drives up the price of your home - simple supply and demand! This is absolutely a seller advantage, and could potentially net you more for your house when you finally close the deal.