Courtesy of Keeping Current Matters - March 4, 2021
Last year, many
homeowners thought twice about selling their houses due to the onset of the
health crisis. This year, however, homeowners are beginning to regain their
confidence when it comes to selling safely. The latest Home Purchase Sentiment Index (HPSI)
by Fannie Mae shows that 57% of consumers believe now is a good time to sell.
Doug Duncan, Vice President and Chief Economist at Fannie Mae, explains:
“Overall, the index’s monthly increase was driven largely by a substantial jump in the share of consumers reporting that it’s a good time to sell a home, with many citing favorable mortgage rates, high home prices, and low housing inventory as their primary rationale.”
Normally, spring is the busiest season in the housing market – the time when many homeowners decide to list their houses. While this is obviously not a normal year since the pandemic is still very much upon us, experts are optimistic that consumer positivity around selling will lead to more homeowners making moves this year. Duncan continues to say: “We will pay close attention to see if this newfound optimism develops into a trend.”
What does this mean if you’re thinking of
selling your house?
The fact that there are so few houses available for sale today is one driver that’s encouraging consumers to think more positively about selling. The National Association of Realtors (NAR) states:
“Total housing inventory at the end of January amounted to 1.04
million units, down 1.9% from December and down 25.7% from one year ago (1.40 million).”
Wondering where
you’ll go if you try to move while it’s so challenging to find a home to buy?
Well, in many areas, there are more homes available at the higher end of
the market, so finding a move-up home may be
less of an issue if you’re ready to search for your dream home this spring.
Bottom Line
If you pressed pause on selling your
house last year, now may be the best time to put your plans back into motion
while inventory is so low. Contact a Signature Real Estate Services
professional today to get the process started.