If you have been considering selling your home this year we have some good news! According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey stated 2021 is a good time to buy a home, 59% feel it’s a good time to sell one while the percentage who say it’s a bad time to sell decreased from 35% to 33%.
Why is 2021 a great time to sell?
In short the lack of supply is creating a sellers market. There is great demand for homes but a record-low supply across the country. According to the National Association of Realtors Existing Home Sales Report, the inventory of homes for sale is currently at an all-time low. The report explains:
“Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.”
This lack of inventory is prevalent in Coeur d’Alene and surrounding areas, there are simply not enough homes to meet the buyers demand. Houses that do go on the market often sell quickly and for more than asking so if you are ready to move this is a great time to do so. Mortgages rates are also at a record low, which makes buying even more appealing.
Our Link Properties team has already closed 13 properties this year in Coeur d’Alene, Dalton Gardens, Post Falls, Hayden and Rathdrum.
Will this trend continue?
Yes and no. As more and more people list their homes the balance will start to even out. It is predicted that this summer and fall will bring many more homes to market and will give buyers more options. Buyers will have more time to make decisions and wont be acting with such a sense of urgency. Home prices are expected to continue to increase, just not at the current rate.
Fun Fact: Your house is worth a lot more than you probably think.
If you’re ready to make a move or want to know how much your home is worth give us a call: (208) 661-4749.