We've finally made it to the last quarter of the year and we're still in the hottest housing market in recent memory. If you’re trying to decide when to sell your house, there may not be a better time to list than right now. 

Ever since the start of 2020, we’ve seen a rise in home sales and home prices. 2020 proved as a key indicator at how unpredictable the market can be and no matter how much of a real estate guru you are, it’s nearly impossible to predict what’s to come. 

At the height of the pandemic early last year, many experts would have predicted a housing recession, although, what we came to see actually happened was a housing boom! This boom has continued to grow throughout the following year and although we can’t predict what’s to come in the new year 2022, what we do know is that there is still a huge demand for properties and the current state of the market is in the hands of sellers. So, if you’ve been toying with the idea of selling but are unsure whether it's still a good time, here’s some data as to why there’s no better time than now: 

1. Your House Will Likely Sell Quickly

According to the Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly – on average, they’re selling in just 17 days! As a seller, that’s great news for you.

Average days on market is a strong indicator of buyer demand. And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.

2. Buyers Are Willing To Compete For Your Home

In addition to selling quickly, homes are receiving multiple offers. That same survey shows sellers are seeing an average of 4.5 offers, a huge jump just from last year in July 2020 where the average  number of offers was 2.9.

Also keep in mind, these aren’t just any offers, but competitive ones. Buyers today know bidding wars are a likely outcome, and they’re coming prepared with their best offers in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.

3. When Supply Is Low, Your House Is in the Spotlight

One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though it’s improving, it remains at near-record lows. The chart above shows how today’s low inventory stacks up against recent years. The lighter the blue is in the chart, the lower the housing supply. If you’re looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.

4. If You’re Thinking of Moving Up, Now May Be the Time

If your current home no longer meets your needs, it may be the perfect time to make a move. Today, homeowners are gaining a significant amount of wealth through growing equity. You can leverage that equity, plus current low mortgage rates, to power your move now. But, these near-historic low rates won’t last forever.

Experts forecast interest rates will rise. In their forecast, Freddie Mac says:

“While we forecast rates to increase gradually later in the year, we don’t expect to see a rapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, rising to 3.8% by the fourth quarter of 2022.”

When rates rise, even modestly, it’ll impact your monthly payment, and by extension your purchasing power.

The ultimate sellers’ market we’re in today won’t last forever, and if you’re planning to capitalize on it, there are a few items to check off your honey-do list in order to ensure your house is ready for market. Before you put a "For Sale" sign in your front yard, make sure you complete these four simple things to ensure you get top dollar for your home and sell as quickly as possible:

How to Prepare Your Home

1. Declutter, Declutter, Declutter

This is by far the number one item needed on 99.9% of any home that is currently being occupied. Naturally, as you live in a home, you start to accumulate things and there’s only so much space to place it all. Well, think of this time as a great opportunity to finally purge. 

I  know it may seem overwhelming but start by choosing a method. Whether that’s going room to room or using the Marie Kondo method by going item by item and finding what “Sparks Joy” and getting rid of anything that no longer serves you. 

When selling, it’s important to think from the buyers’ perspective. Buying a home can be psychological. Meaning if buyers are walking through your property and all they see is personal items, it’s hard for them to picture themselves living in the home and they detach a connection they could’ve had with the home otherwise. 

2. Improve Your Home’s Curb Appeal

You may have heard this before: first impressions are the most important. That statement is definitely accurate when it comes to purchasing a home. A home’s exterior can determine whether or not buyers even want to take a look inside. The curb appeal gives them their first impression of the property before they even step foot into it, which is why it's important to make sure your home's exterior is top notch on both sides!

With just some simple changes, you can make your house look like a million bucks. Here’s what to check off your list to make sure your home’s exterior is ready for buyers: Landscaping; pressure washing your roof, sidewalk, walkway, and driveway; give your front door a fresh coat of paint; add new house numbers; add or upgrade outdoor lighting. 

Some of those items may come out a little costly, but updating your home’s exterior has proven to bring a high return on investment. 

3. Repaint Your Walls Neutral Colors

Remember when I  mentioned earlier that buying a home can be psychological and buyers need to be able to visualize themselves living in the home? Well, that applies to the color of your walls. In order to sell a home, it's important that the colors in each room are appealing and complementary. You don't want your bright royal blue dining room or salmon colored living room overwhelming potential buyers so they turn away from you! Sticking with neutral hues such as gray and white tones will help ensure all prospective buyers see what an amazing space this really is. 

Neutral colors such as white and gray also help lighten and brighten your space which is also appealing to buyers. Warmer neutrals such as “greige” ( a mix of gray and beige) will be soft and welcoming.

If you’re still unsure what colors to choose, look at recent home sales in your neighborhood to see what’s trending. What colors are the most popular? Sticking with neighborhood norms means staying cohesive with styles that resonate with your potential buyers.

4. Deep Clean

Lastly, get a nice deep clean done on your home. Along with your regular weekly cleaning, make sure to get your windows, gutters, polish appliances, dust your fans, get the carpet steam cleaned, and don’t forget to get inside your refrigerator and kitchen cabinets. Trust me, some buyers can be extremely thorough and will look everywhere. 

Sure this can be done on your own, although it may be worth hiring a professional. On average, a full home deep cleaning can cost $160 while data shows that a deep cleaning can add nearly $2000 in resale value. Now that’s a good return on investment if you ask me. A dirty or disorganized home can be a huge red flag for many buyers. This could send them a message that if the visual everyday mess isn’t taken care of, there must be more serious overlooked issues behind the walls.

Also remember, it's important to keep it clean throughout the entire duration of your home being on the market so don’t box up the Clorox just yet. Try to keep the home as presentable as possible while showing to buyers. 

Bottom Line

The time to sell is now! No one knows what the market will look like a year from now, but what we do know is that the market is still at an all-time high making it the ideal time to sell. While the buyer demand is nuts and properties are selling like hot cakes, there are a few simple things you can do to prepare your home to list so that you get top dollar for your home and get it sold quickly! By taking the time to declutter, add some curb appeal, repaint your interior walls, and finish off with a deep professional cleaning, you could draw in all the buyers in your market and get more money in your pocket. Who doesn’t want that? 

Curious about the market value of your home? Please reach out and I’ll be happy to help you!