Now is the Time to Sell

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Would you like to get multiple offers when you put your home on the market?  That’s what we’re seeing. Buyers are outbidding each other, and some are spending more than what the home is listed for! No surprise because there are fewer homes on the market than a year ago.

Beyond multiple bids, home prices are rising, which is a sign of a surging market. When the supply goes down, it helps push prices up, so prices are solid across the board and we’re hearing a word we haven’t heard for a while—equity.

What does this market mean for sellers? If you’ve thought of selling your home, the time is now. Since there are fewer homes on the market, there’s more competition for available homes. Low inventory often translates into multiple bids, high list-to-sale price ratios and being able to negotiate better terms. It’s a great time for sellers.

So what does this mean for buyers? Buyers are entering a competitive market with multiple offers. The key? Be aggressive. When a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Remember, inventory is low. If you hesitate, the property could be gone because others will be making offers. New construction, of course, is another great option, and today it’s taking about six to 12 months to build a home.

Keep in mind that mortgage loan rates are extremely low, which makes buying a home more affordable than ever, but the rates won’t last forever. Interest rates are still below 4% with some as low as 3% for a 15- or 20-year fixed-rate mortgage. If you wait and interest rates rise, you could get locked into spending a few hundred extra dollars a month on your payment.

Give us a call so we can tell you where to be positioned and how to be successful in this market. Please contact us at (661) 979-7388 or email us at dbanducci@bakersfieldmagic.com.