I’ve been helping people navigate the buying and selling of homes since 2007 and I can say that I have seen some crazy things in Real Estate for sure. This market, however, is the most unique I’ve seen, in that we not only have a sustained Seller’s market, but that market is now eating it’s Wheaties and producing wealth for homeowners in numbers we have not seen since before the Great Recession. This is all continually fueled by healthy appreciation and lack of inventory. Several talking heads have suggested we would need 100 million new homes built to ease the inventory issue at hand today.
All that being said, it is hard to imagine a better time to sell your home. With at least 2 years of double-digit appreciation, inflation and inventory shortages, a seller can expect multiple offers 10-30% over list price, bidding wars, appraisal gap coverage and buyers waving their contingencies. You can also expect whether it’s a cash or conventional loan to close on that home in 2 weeks or less. In fact, I have had several lenders suggest that this is or is close to becoming the norm for loans.
Let’s talk about cash vs. loan. You can count on buyer’s being thouroughly vetted by the lender by the time they get around to offering on your property. They can remove the same contingencies as a cash buyer and most of the time they do. While cash is still King, a higher offer with a loan might be the way to go with today’s loans closing just as quickly as cash.
We cannot forget to include the Back- Up offer that is also part of today’s Seller’s market. These offers come in and are kind of a bookmark for a buyer. They are held in place in case the accepted offer goes south. If that first offer terminates the back- up offer moves into first place and the home remains Under Contract without ever having to go back to the market, yet another safety net for the Seller in this market!
In conclusion the options are endless for Sellers, there has never been a better time to sell your home in our most recent history. If you are thinking about selling your home please visit our website to set up a time to chat or sign up for an instant property valuation by clicking the link below.