2021 - The Ideal Time to Sell Your House

 The 2020 housing market was strong and based on the first quarter, 2021 is positioning itself to be even stronger. Record-low mortgage interest rates are a driving factor, with average rates hovering at historic all-time lows.

Buyer demand is incredibly strong due to the great interest rates as well as a limited supply of homes. In the Minneapolis area, we are experiencing record-breaking low inventory. The number of homes on the market is now at a 20-year low. Sellers listed 12.6 percent fewer homes than 2020.

This lack of availability of homes for sale is not keeping up with Buyer demand.

As a matter of fact, the National Association of Realtors (NAR) has reported that the actual number of homes currently for sale in the country is down 22% from one year ago. Typically, a healthy market would have 6.0 months of inventory, but today’s market has a 2.3 months supply - much lower than a “normal” market.

What does this mean for Buyers & Sellers?

Buyers

Buyers need to remain patient in the search process. They also need to be ready to act immediately once they find the right home since bidding wars are likely to happen with so few homes to choose from. If you find your dream home, have all your ducks in row in order to place your offer.

Sellers

Now is the time to put your house on the market. With such high buyer demand and the extreme low supply, houses are moving fast and above asking price. So, now is the perfect time to sell a house on optimal terms.

Bottom line

The 2021 real estate marketing in the Twin Cities is strong and shows no indication of slowing down this year. Yet… we need the inventory to keep up.

The market will slow if there are no homes available!

If you’re considering selling your home, now is the ideal time. The BeMoved Group would love to help.  Let’s chat and discuss your options and develop a marketing plan that will sell your home quickly and for the most money.