As a homeowner in Southwest Virginia or Northeast Tennessee, you wish for a profitable and fast transaction when selling your property. Therefore, today’s housing market is the prime time to do just that, with the strong seller’s market in full swing. If you’ve been thinking about selling your property, here are five reasons why now is a perfect time.
High Buyer Demand
ShowingTime reported that showing activity increased nationwide for the 12th consecutive month, with the South Region seeing a 43.7% increase in buyer showings for May 2021 compared to last year. The high demand from homebuyers means listing your home now can position it to get a lot of attention from potential buyers.
Nationally, the total active inventory is still down 35% from the same time last year. Many buyers are searching for that “just right” property in Southwest Virginia and Northeast Tennessee. However, there are not enough houses, making their home search tough. Therefore, selling your home now means less competition and a high likelihood of receiving multiple offers. Locally, our agents have been seeing newly listed properties, priced right, only sitting on the market for 24-72 hours before receiving one or multiple offers.
Seller Leverage in the Local Market
The high buyer demand and low inventory in Southwest Virginia and Northeast Tennessee create a seller’s market in the region. Therefore, during negotiations, sellers have the upper hand to get the best possible contract. Use your seller leverage in the local market to sell your home for top-dollar, with many properties receiving multiple offers and closing for over the asking price.
Low Mortgage Rates
The historically low mortgage rates continue, with Freddie Mac reporting 30-year fixed rates averaged at 2.88% the weekend ending July 15. The low rates benefit home buyers by giving them some relief in the strong housing market. The favorable rates entice more buyers to move forward with their home search, which could mean your home could meet all their needs.
Use Your Home Equity
Home values have grown significantly over the past year in the Tri-Cities region. The rising demand along with the limited supply of homes for sale continue to increase home equity for homeowners. You can, in turn, use your home’s equity to purchase a home that better fits your needs. Interested in finding out what you could sell for today? Contact our team of real estate specialists for a market analysis of your property in Southwest Virginia or Northeast Tennessee.
There’s no doubt that sellers have an advantage in today’s housing market. If you’ve been waiting for the right conditions to make a move, you’re wait may be over. Contact our team of real estate professionals to discuss the benefits of listing your home today.