Selling a Home in the Current Market
This year and last year in real estate have been unlike anything we, and fellow highly experienced Agents, have seen. It really was an opportune time for home sellers due to:
The combination of buyer’s home needs changing with the pandemic as more people work from home…more buyers looking for more indoor and outdoor space
The increase of buyers moving to the suburbs from cities or smaller towns
The increase of buyers wanting vacation homes, lake homes, golf community homes, summer homes or second homes
Historically low mortgage rates – and buyers wanting to take advantage of more buying power
Home values increasing as a result of a high demand for properties with low property inventory
Many sellers on the fence about selling chose to list (or are choosing to list) his/her/their home to capitalize on the higher prices seen in many markets.
It can be inevitable, in some markets and property types but not all, to receive multiple offers. A multiple offer situation is where there is more than one offer. Two offers: multiple offers; ten offers: multiple offers. Multiple offers *usually* bring prices up also. Then, in the local/immediate community, there could be a positive domino effect of sorts. A home receives multiple offers, it sells for more than list price (if the home appraises out). Then, that property is the most recent comparable and a neighbor then lists his/her/their home at that price or even a little higher….and that home maybe gets multiple offers as well causing the prices to inch upward.
For many sellers, it may be all about what the seller nets on the sale. For other sellers, other offer terms may be important. With that said, an offer with the best terms may not always be the highest price so it is possible that a property sells for less than list price. Like mentioned previously, a home also has to appraise.
For sellers looking to have the advantage, in this very strong seller’s market, it could be a fantastic time for you to sell.
Generally speaking, due to the seasonality of the market, there may be fewer buyers out looking than a few months ago, but it is still a good time to sell. No one can predict the future to know if the market will move from more of a seller’s market to that of a neutral market.
If you’re thinking of selling or buying, contact Kristine Glockler, here.
She is licensed in Wisconsin and Illinois. With her local expertise and national connections, Kristine Glockler can connect you with a great Agent throughout the country! Real estate is very local, she can let you know what is happening in your specific Lake Geneva, Williams Bay, Fontana or southeastern Wisconsin market.