Is 2021 The Year You Make Your Move?

We know that many people had 2021 circled on their calendars as the year they were going to make a move in the real estate market.

For some, maybe it’s finally time to get a bigger home to accommodate a growing family. For others, it’s time to downsize now that the kids are gone. Or, a rarely used second home has become a drain on finances.

If you’re hesitating, consumer sentiment about selling today should boost your confidence. Even with the current health crisis continuing to challenge the country, Americans still feel good about selling or buying a house.

According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one.

Why is now a good time to sell?

There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a six month supply of unsold inventory to balance out.

Here on Cape, the months supply of inventory for single-family homes has dipped below two months.

With so few homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers, who are feeling the pull of intense competition.

However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:

“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”

So, if you’re ready to make your move, you can feel positive about the current sentiment in the market.

Helping our clients make the best decisions for their individual situations has been our full time job for 21 years, not a part time hobby. Let’s connect at 508-568-8191 or [email protected] to determine the best next step when it comes to selling or buying a home this year.

With the market remaining active as the virus crisis continues, we’ve gone back into the archives to share with you a video piece we did last year about safe home inspections.

Safety remains our number one priority when it comes to helping you buy or sell your home. For more information about our safety procedures and those of Today Real Estate, please reach out. Thanks.

Don’t wish for it; go for it!

Mari and Hank