Wondering when the ideal time to sell your Southern California home is? The answer could be right now. We always want to help you make the smartest decisions when it comes to your real estate investments, and that’s why it’s important to know that right now is the absolutely ideal time to sell your home because of our current seller’s market. Inventory is low, prices are rising, and pent-up demand alongside low mortgage rates has the market flooded with homebuyers.
Low housing inventory
This April, inventory fell to its lowest level ever recorded for the month across the country according to the National Association of Realtors®. A seller’s market in real estate is defined by 3 months of inventory or less, and inventory across Southern California just reached 3 months. This limited supply keeps prices high as buyers compete to get a deal. Pending and sold transactions have just begun rising so the sooner you list this summer, the less competition there will be for you, equating to a very high probability of getting multiple, quality offers on your home.
Prices have continued to rise
Across the board, U.S. home prices have continued to rise despite coronavirus, gaining 5.5% in April according to NAR data. The major bottleneck in inventory, and a tremendous amount of buyer interest, is supporting this price growth. Speaking of which…
Buyer demand is off the charts
At the beginning of June, home-buying activity rose to about 88.9% of where it was before lockdowns disrupted the market according to data from realtor.com. This is thanks in part to historically low mortgage rates that have fallen as low as 3.13%. This was also pent-up demand from an unusually slow spring, rebounding along with the real estate market now that our country begins to open back up.
Low mortgage rates
According to our Weekly Mortgage Watch, rates have hit historic lows and they’re projected to remain low amid Coronavirus. This creates a huge incentive for buyers who are ready to purchase and jumping into the market today. And as a homeowner, this influx of eager buyers (and multiple offers) creates an opportune time to sell as well. If you’re ready to sell your house, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today.
Low mortgage rates also ensure you can sell your home and get an amazingly low rate on your dream home, making it more affordable now than ever.
Obviously everyone’s individual situation is unique, but for the majority of homeowners, this marks a particularly advantageous opportunity to cash out big when you sell your home and secure a low mortgage rate for yourself to buy your dream home. If you’re unsure, click here to check your home’s current value.