Why Now Is a Great Time To Sell Your House

As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation,  growing equity,  low inventory and competitive mortgage rates  are motivating homeowners to make a move that addresses their changing lifestyle. 

A larger share of homeowners are planning to list their houses this winter. So, that means more homes are about to hit the market, which will lead to more choices for buyers too.

The pandemic has delayed plans for many people, and homeowners looking to move on to the next stage of life are no exception. The majority of prospective sellers are actively preparing to enter the market this winter.

If you’re thinking of waiting until the spring to sell your house, know that your neighbours may be one step ahead of you by selling this winter. If you want to stand out from the crowd, this holiday season is the best time to make sure your house is available for buyers. Here’s why.

Sellers Are Still Firmly in the Driver’s Seat

Historically, a 6-month supply of homes for sale is needed for a normal or neutral market. That level ensures there are enough homes available for active buyers (see graph below):

The latest Halifax Dartmouth Residential Market Report from the Canadian Real Estate Association (CREA) shows the inventory of houses for sale sits at a 1.2-month supply. This is well below a neutral market.

What Does That Mean for You?

When the supply of homes for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This drives up competition among buyers, who then submit increasingly competitive offers to win out against others in the home search process. As this happens, prices rise and your leverage  as a seller rises too, putting you in the best position to negotiate a contract that meets your ideal terms.

And while the low housing supply we’re facing won’t be solved overnight, sellers this season should move quickly to maximize their potential. As the data shows, with more prospective sellers planning to list their homes this winter, selling sooner rather than later helps your house rise to the top of a holiday buyer’s wish list so you can close the best possible deal.

Read our Blog: Does Your Home Have What Buyers Want

Bottom Line

Listing your home over the next few weeks gives you the best chance to be in front of buyers competing for homes this holiday season. Let’s connect today to discuss how you can benefit from today’s sellers’ market.