Ladies and gentlemen, if you’ve been putting off selling your mobile home because of the pandemic, you’d be remiss if you stalled any longer. Right now, 97% of real estate agents that took part in HomeLight’s 2021 Q3 survey say that they’re experiencing a strong seller’s market and it’s not going to let up any time soon. Despite the shaky economy and increasing housing prices, 42% of agents say buyers are coming out of the woodworks because of vaccine distribution and low interest rates.
If you need further convincing, here are some factors as to why you should bite the bullet and list your home:
Housing shortage creates determined buyers
Looking for a house can be fun but when there’s a housing shortage, it’s a lot more challenging. There aren’t enough houses to go around and there may be instances where buyers fall in love with a house only to find out it’s under contract. Buyers who have experienced that kind of let down get even more determined and are willing to do whatever it takes to get their offer accepted. Some buyers are even foregoing home inspections or will pay their closing costs without asking for the seller’s help.
Bidding wars drive up prices
If you’ve been scoping out the real estate market in your area, you may have noticed that many listings have increased in price. These higher prices aren’t deterring buyers from putting in offers and some are even offering more than what the house is listed for! Heck, if a house is really popular it could receive multiple offers which would increase the price even more.
Properties that receive multiple offers could close faster
Selling your property during a seller’s market can net you a good profit, what with organic price increases, offers above asking, or bidding wars. Multiple offers means your transaction could close a lot faster than normal (which is roughly about 54 days if there aren’t any delays). This could be done if the buyer is pre-approved for a mortgage, skips the home inspection, or even suggests a quick closing with their offer.
Yet, for the sellers that need to get out now, they may consider calling a company that buys houses for cash. By using one of these companies, a property could go to closing as soon as one week!
Remote workers may consider relocation
The idea of remote work becoming a permanent policy for many businesses has been floating around for the past few months. This could be the catalyst that will lead people leaving the big city and moving somewhere quieter, somewhere more spacious, and somewhere where their money goes a lot further. After all, why should a worker live in an expensive area where their apartment is more like a closet when they could move to the suburbs where there’s a lot more breathing room?
A seller’s market is a boon for owners with equity
There are a lot of things that need to be taken into consideration when you’re thinking about putting your house on the market. Right now, the market is favorable to sellers and it’s a great time to put your house up for sale. If your house has equity, you could stand to make a sizable profit. Just imagine how much more that profit could be if you get offers above asking price or there’s a bidding war where the buyers continue to outbid one another!
If you’re still leery about putting your house up for sale, don’t hesitate to reach out to a local agent and ask for their advice. They’ll be able to give you insight about how much they think your house is worth, if it’s comparable to others in the area, and so much more. The right agent will be your new best friend during the selling process!