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After a record-breaking year for home sales throughout much of New York, you might think the housing market has dried up. The wave of people fleeing the cities for more space in the suburbs for remote work and school has come and gone.
So why should you sell your home now?
The seller’s market is still strong, especially in suburban communities. Spring is also a good time to sell in traditional markets, and the low mortgage rates from 2020 are holding steady. All of these factors add up to a great time to put your house on the market.
Take Advantage of the Seller’s Market
The best time to sell your home is always during a seller’s market. If you’re able to be flexible about your move, waiting to sell during a seller’s market will get you a higher sale price and a faster sale. 2020 was a seller’s market, and so far 2021 has continued that trend, making this a good time to sell your home.
But what is a seller’s market, and how can you take advantage of it?
What Is a Seller’s Market?
To take advantage of a seller’s market, you have to know what it is first. At the most basic level, a seller’s market is a market where sellers have the most to gain. Generally, this happens when there are more people looking to buy homes than there are homes on the market.
When the demand for homes is higher than the supply, it opens the door for bidding wars. Sellers have an advantage in negotiations and the likelihood of getting multiple offers and selling over the asking price increases. If you’re debating whether you should sell a home now or wait, you should sell while it’s still a seller’s market.
The best way to take advantage of a seller’s market is to work with a local realtor during the seller’s market to help you sell your home to serious buyers before the market changes.
Record Low Mortgage Rates
In some instances, market trends that are good for buyers are great for sellers too. When mortgage rates are low, more people start looking to buy houses. This increases the chances that you’ll not only make a sale but that the selling price will be high.
Lower mortgage rates also generally mean buyers’ budgets can stretch a little further. Interest rates fell significantly at the beginning of the COVID-19 pandemic, and it will probably take several years for them to start rising again. This is another great reason to sell your home right now.
While the benefit for the buyer in a low mortgage rate might be balanced out by the rising home prices, for the seller, an increased pool of buyers is an advantage. Even if your home doesn’t sell wildly over the asking price, you should still get a strong sale.
The Early Spring Advantage
Historically, spring has been the best season to sell your house. The exact date varies by location, but in New York, the month of May is a popular time for buyers to start looking for homes.
The 2020 housing market didn’t follow any traditional seasonal patterns, but more homes were selling than usual, not fewer. The usual factors that increase home sales, like the start of summer school breaks and people receiving their tax refunds from the previous year, will only continue to support a seller’s market.
You Never Know How Long It Will Last
Conditions to sell are very favorable right now, but they won’t necessarily last forever. Many of the factors that made selling a home feel risky in 2020 like unemployment rates and uncertainty about the future are starting to change again.
While the increasing number of homes entering the market nationwide hasn’t tipped the scales yet, waiting too long could mean thousands of dollars of difference in the final sale price of your home.
Selling in a seller’s market can also give you an advantage as a buyer. When your home sells quickly and above the asking price, it may be easier for you to make a competitive offer on a new home. Putting your home up for sale now can let you take advantage of the seller’s market without making too many sacrifices on the other end of your move.
Know Your Market
Data and trends across the country can be useful tools for deciding when to make a move, but the best tools will be in your own market. Finding a local realtor will help you sell at the right time.
Right now, markets in New York are still seller’s markets. One of the largest real estate trends that the pandemic started was a movement out of city centers and into the suburbs. As many jobs are shifting to remote work models more permanently, demand for houses in the suburbs will stay steady.
Suburbs near New York City are likely to have a high demand for a while. If you’re thinking about selling a home on Long Island, you should sell your home right now.
Get Ready to Sell Your Home Now
So why sell your home now? With a competitive pool of buyers and a steady demand for new houses on the market, selling your house now could be an incredibly profitable move.
If you’re ready to sell your home now, then you’ll need to find a trustworthy real estate team to help you make it happen. Reach out to us today to get connected with a top real estate agent in Long Island.
