What to Know About Selling Your Home in 2021
If you’ve heard anything about the real estate market this year, you’ve probably heard words like “unprecedented,” “unbelievable,” and “unreal” thrown around.
It’s just the theme of 2021.
Right now, prices are higher than ever and mortgage interest rates are lower than ever. In LA, home sales have had a 24.5% year-over-year increase.
A.K.A. –– we’re in a seller’s market.
If you’re thinking about jumping on the wagon and ringing in a major profit on your home, the process can seem very overwhelming. To help, we’ve gathered everything you need to know about selling your home and how to sell a probate property in 2021.
Tips for Selling Your Home in 2021
1. Low Inventory
This is good news for sellers and bad news for buyers.
As a result of the record-low interest rates (currently ~3.022% for a 30-year fixed-rate mortgage) and the need for more space as more people are sticking to commuting from their couches, there’s a high demand for housing –– and a shortage of it.
The number of houses for sale in the U.S. decreased by over 50% from March 2020 to March 2021.
This shortage works in the seller’s favor, as buyers are throwing elbows on their aggressive hunt for new listings.
2. Quick Timelines
If you’re looking to sell, you need to have a plan of action pretty quickly. Many houses go on the market and have showings Wednesday, Thursday, or Friday, review offers over the weekend, and accept one on Monday.
On average, homes up for sale for only 20 days.
The timeline is a bit different if you’re trying to figure out how to sell probate real estate.
Overall, these processes can be difficult to manage without an experienced Los Angeles realtor by your side.
3. High Selling Prices
Long are the days of counteroffers and negotiations well under your asking price. In LA, housing prices have had an 11.8% increase year-over-year. Many properties even receive multiple competing offers.
As a seller, knowing which one to accept is such a crucial and nerve-wracking task. Having an experienced LA real estate agent by your side can help you accept the best one for you.
4. We’re in Peak Selling Season
Say hello to peak selling season.
Research shows home prices sell at a premium of ~13.4% during May — the highest in the year, followed by June.
Summer is always the best time to sell because families tend to want to get settled in a new home before the school year starts.
5. Add Flexible Options for COVID
We’re officially in a hybrid world –– half in-person and half digital.
In order to be successful, you need to provide virtual tour options, high-quality pictures, and phone and Zoom calls for potential buyers.
It’s imperative to find a real estate agent who uses a variety of digital tools to increase your home’s reach and make the process accessible.
6. Finding a Replacement is Difficult
Once you become a seller, you’ll have to become a buyer.
Due to the shortage and increasing prices, it can be difficult to find a replacement home. Because the process often moves so quickly, you need to have a game plan for your next move.
An experienced probate real estate agent can help alleviate this stress.
7. The Market Might Not Stay like this Forever
Since summer is peak selling season, sales are projected to decrease in the second half of the year. And who knows what the market will do next?
Stay ahead of the curve and avoid the headache of “what ifs” and “should haves” by partnering with Josh V Realty, an expert probate realtor in Los Angeles, to sell your home today.