Here’s why now is the best time to sell your home

It is no secret that the price of homes has been on the rise, but what may not be apparent is knowing whether or not it is the right time for you to sell. The timing of home listing is a common debate among sellers, and although there are many factors to consider, here are three reasons why now is the best time to sell your home:

A seller’s market puts you at an advantage

Market trends are important to examine when selling your home because they help to determine where you stand and what your strengths are. According to the National Association of Realtors, the inventory of US homes for sale is at a record low, while the price of homes is at an all time high and the Canadian Real Estate Association confirms the same market trend north of the border.

What is a seller’s market?

When housing supply is lower than buyer demand, a seller’s market arises. In a seller’s market, competition surges among buyers, which often results in higher sale prices through competing offers and shorter active days on market. The shortage of inventory also reduces the negotiating influence of buyers, giving sellers an upper hand in the transaction.

Seasonality reduces home listing preparation

Seasons affect real estate activity more than many realize. Traditionally, winter months have been considered low season in real estate because of the decline in available listings, accompanied by low demand. Although this may still ring true when it comes to the listing shortage, the COVID-19 pandemic has changed the way we buy and sell homes, so even when the number of available listings is low, demand remains high.

For sellers, listing a home during the low season of a seller’s market is advantageous beyond the often higher sale price. Heightened interest means that more buyers are willing to purchase a property in as-is condition. Less importance is placed on preparation, such as painting, staging, and upgrades. Reducing the steps to prepare a listing reduces the stress that is often associated with selling a home.

Low interest rates motivate serious buyers

When interest rates in Canada and the United States were reduced in 2020 from 3.95% to 2.45% and 4.25% to 3.25%, respectively, both real estate markets were set ablaze. Serious buyers were compelled by low interest rates that made homes more affordable, allowing them to increase their budget. Although the prime rate has remained consistent, banks have been steadily increasing their interest rates. As a result, buyers are motivated more than ever — there is an urgency to purchase a home before the next interest rate hike.

The culmination of increased competition and the imminent rise in interest rates are filtering out unqualified buyers and yielding a concentration of pre-approved buyers who are ready to make offers and close. Sellers can list with confidence knowing the market is saturated with serious buyers for their home.

Connect with a real estate agent today!

Understanding real estate market trends is just one aspect of selling your home. With Nobul, you can connect with knowledgeable real estate agents who can help you navigate your local market. View profiles, compare commissions savings, and find the agent that's right for you. Sign up with Nobul today to get started.