The timing is perfect to be selling your home.
Buyers are experiencing max frustration, mortgage rates have set all-time lows four days in a row, the new school year is within sight, and the inventory of decent buys is virtually zero.
Here is an example – it has just enough upgrades to push a buyer across the finish line:
P.S. The same model around the corner closed in May for $1,035,000 – the listing agent claimed that it was “completely remodeled”, but provided no photos.
Jim, if it is a great time to sell, does that suggest you expect these prices to come down from here ? Cuz if they continue to go up, it would be a better time to hold than sell.
It’s not that simple.
I pointed out in paragraph 2 that there is a nice combination of market conditions that are causing frustrated buyers to rush into buying, which can cause them to pay more for an inferior product.
The buy-before-school premium will be gone in 30 days, which doesn’t mean prices go down, it just lowers your chances.
I’m hoping to detail more of the nuances of when to sell, but I hesitate to waste my time because sellers aren’t big on research.
“Holding out” for higher prices will just limit the opportunity to sell, as much as it would also limit opportunity to buy.
There are plenty of $ million homes on the market, what I don’t see are the ones MOST buyers are looking for $500,000-$600,000 that are not way out in the boonies. There appears to be a huge gap in price range between $400,000 to $640,000 with almost nothing decent to choose from in-between.