Industry experts are still communicating that now is a great time to sell your house, yes, it’s still a sellers’ market.
The housing market forecast remains positive for the remainder of 2021, so there may not be a better time to sell than right now.
Some of the reasons making it such a good time to sell include the fact that days on market for properties for sale is very low, or in other words, your house will most likely sell quick.
The National Association of Realtors (NAR) releases a Realtors Confidence Index, and that report recently noted that the national average for days on market is just 17 days. Locally, statewide for Maryland the median days on market in May was six, and in Worcester County it was seven.
When average/median days on market is low, it’s a strong indication that buyer competition is in play. And when buyer competition is in play, we see multiple offer situations frequently.
NAR reported that sellers are seeing an average of 5 offers nationwide. When sellers receive more than one offer on their home it means they have more choice and more bargaining power, and can choose an offer that best meets their needs.
Also important right now, and driving this strong real estate market, is the lack of inventory. Even though there are signs that existing inventory is starting to inch up, current inventory remains at near record lows. NAR reported that total housing inventory at the end of May was 1.23 million units, up 7 percent from April’s inventory, but down more than 20 percent from one year ago. In Maryland for the month of May, active inventory sat at 7,490 units whereas in 2020 there were 17,254.
Homeowners have gained a significant amount of wealth through increased equity in their homes, so if your needs have changed, or you feel it’s time for a move-up purchase, you can leverage your increased equity by selling and making your new purchase during these historically low interest rates while they last.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
