You hear it from agents all the time- “now is the time to sell”. You think, yeah yeah, says the agent who just wants to list my house. But no, for real- if you want to sell your home for top dollar- list it. List it now.
- Seller’s market. When inventory is less than 6 months supply of homes, it’s a seller’s market. When it’s more than 6 months, it’s a buyer’s market. We are currently around a 4.7 month supply in Indianapolis, according to the latest stats. There are buyer’s out there all over the place with hardly anything to look at. When they do find something they love, they better get an offer in before another buyer does. With so little competition, current listings are pending with the blink of an eye.
- Get top dollar. While there are more buyers than sellers, sellers are finding themselves with an offer right away, sometimes receiving multiple offers. Because of this, they are often able to get list price, or very close to it. Simple supply and demand.
- Buyers can get loans. Lenders have loosened up a bit about giving qualified buyers loans. Not as loose as pre- 2007, but they aren’t being as insanely strict as they have been the past few years. So sellers, you have less chance of running into loan issues with your buyer. I believe we are inching our way to a happy medium. Where we should have been all along.
- Interest rates. Rates continue to be low. As long as interest rates are low, buyers will buy. There is no telling how long these amazing rates will last, but Freddie Mac predicts rates to rise this year. (freddiemac.com/finance/ehforecast.html). If you are a seller who is also buying a new home, you will want to get in on these low interest rates while they last as well.
- Sellers will have a place to go. One reason for the low inventory may be because there is nothing out there the seller wants to buy, so they’re not sure where they’d go if they sold their home. It’s a vicious cycle. But if sellers started to list their homes, there will be more homes to go around and we can inch our way to an even market. BUT you want to list before it inches past that to become a buyer’s market! Which is why NOW is the time to list.
Contact the Indy Scene Team if you have questions about selling your home. 317-902-2989 or IndySceneTeam@gmail.com
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