Why 2021 Is Still the Year To Sell Your House
Are you considering selling your home in Long Beach, CA? Based on local and national statistics, it’s time to start taking that thought seriously. And although you may have missed the notoriously busy spring and summer selling months, this year that might not matter.
The inventory of homes for sale in Long Beach CA is still very low — far below the demand and homes are selling very quickly. Last month in Long Beach, homes spent an average of 17 days on the market!
Elsewhere in the country, there are some areas where inventory has started to build and homes may be taking longer to sell than they were six months to a year ago. Part of that may be because of an increased sentiment among would-be home sellers that NOW is the time to sell. According to Fannie Mae’s recent Home Purchase Sentiment Index (HPSI), 75% of today’s homeowners think that 2021 is a good time to sell.
The higher “good time to sell” opinion, has to do with the current seller’s market. Since housing supply is low and buyer demand is high, sellers know that they can sell their homes quickly and for more money. According to the latest data from the National Association of Realtors (NAR), we’re still firmly in a sellers’ market because housing supply is well below a balanced norm. Clearly, the scales are tipped in a seller’s favor today. But while the housing supply is undeniably low, as more homes are listed, the inventory will build if demand doesn’t pick up as well. The graph below shows the Long Beach Inventory Months Supply. It appears that the supply is beginning to trend upward.
As inventory increases and buyers have more options, the time on the market could creep up as well. Each month, buyers will have more options to choose from which means your house may get less buyer attention with time. Danielle Hale, Chief Economist for realtor.com, explains it like this:
“More homeowners continue to list homes for sale compared to a year ago… Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers.”
The bottom line is that there might not be a better time to sell than right now. To maximize your selling potential, take advantage of this strong seller’s market before inventory starts to increase again.
If you’re thinking about selling your home in Long Beach this year, here’s what you should do now:
1. Get an idea of the value of your home
2. Determine whether or not there are projects or improvements that could add to your home value
3. Determine what timing works best for you
4. Find a real estate agent you can trust
If you have any questions about selling a home in Long Beach or surrounding neighborhoods, give us a call at 562-896-2456.