Several industry analysts believe that we have arrived at an ideal time to sell a home. It is now a call for all sellers to list their homes in this seller's market for high return on investment (ROI). For the time being, they can go for renting as they wait for buyers' market to buy homes at low costs, hence making huge profits. If you are still in doubt about this idea, here is a breakdown of why it is prudent to sell now, rent, and buy later.
No maintenance costs for homes
The market statistics show that selling your home now will let you enjoy the benefits of a low inventory market, which can also mean we are in the seller's phase. It means there is a high demand for houses in the market. There are many bidding wars in the market, which has attracted high prices due to huge demand. For now, it is not necessary to make upgrades because your house will still sell even with no upgrades. However, contrary to the buyers' market, it would help if you made sound updates in your home to compete with other houses listed in the market. For this reason, sell your home now and wait.
No contingency offers
A contingent offer is a real estate offer that specifies that certain conditions must be met before the sales contract becomes binding. Contingency offers are meant to protect the buyer and not the seller. A contingent offer means that the buyer will work out of the market without experiencing loss.
High mortgage rates
The year 2021 is indisputably a high mortgage year, making it ideal for your offer as a seller. The high mortgage rates have been caused by a high low supply and a high demand for homes. The increase in demand has been driven by the Covid-19 pandemic lockdown, which requires most families to stay indoors.
Friendly rental prices
With the ongoing recession, rent prices are so friendly to homeowners who want to sell now and rent. It is; therefore, a billion-dollar move to sell now, rent a house, save some cash and buy later when it is the buyer's market turn.
It is peak season to list your Palm Desert home for sale. This is because of the favorable mortgage rates, no contingency offers. With this, it is easy for sellers to get the best in the housing market.