With the spring housing market already on the horizon as we move into 2021, along with much uncertainty due to the global pandemic and a new administration, many homeowners are asking themselves if it is still a good time to list their home for sale.
If you are ready to make a move, you’ll want to weigh your options and talk with a professional in your area to get a true sense of the market. However, you should go into any conversation knowing that overall consumer sentiment is strong. Keeping Current Matters’ recent blog post cites Fannie Mae’s December Home Purchase Sentiment Index survey, that found 57 percent of consumers believe now is a good time to buy a home and 59 percent feel it’s a good time to sell one.
Buyer demand still tops the list of reasons to sell. Keeping Current Matters notes that in order for the housing market to be considered neutral (not favoring the seller or buyer), there should be a 6-month supply of unsold inventory. They refer to the National Association of Realtors (NAR), who put current unsold inventory at a record low of 2.3-months. This tips the scales in favor of sellers.
Looking at the local real estate market, numbers in for December from the Seacoast NH Board of Realtors, show a month that saw the lowest inventory level ever but record sales. December saw 102 single-family homes close at a median sale price of $574,200; while condominium sales hit a record at 82 sold, at a median price of $424,900.
Will the market continue to favor sellers through 2021? According to Keeping Current Matters post and realtor.com’s Chief Economist, more homes will enter the market in the second half of 2021. This will give buyers more options, and begin to tip the scales back to a more neutral position. Meaning buyers will not feel the pressure from competition to make split-second decisions and over-asking-price offers when they find the home of their dreams.
If you’ve been wondering, will this be the year I sell my house? We’d be happy to sit down and talk with you about the market in your area and options for selling your home in 2021.