Hi, everyone. This is Harry with Home Focus Illinois. One of the main questions that we receive from clients is, should I sell my home in this market? In today’s video, we’re going to share some high level pros and cons to selling your house in this market.
Reason number one for selling in this are the high profits. As we all know, the current market heavily favors the sellers. Inventory levels across the nation are extremely low, and because of this, home buyers are aggressively competing for properties that do come on the market. The result, many properties that fit the needs of the buyers are selling at or over the asking price, meaning unusually higher profits for home sellers.
Reason number two for selling your house in it market, your home will likely sell quickly. Because of low inventory levels across the nation, when a good property does come on the market, home buyers tend to move really quickly, especially if the proper’s in great condition. In many markets in Illinois, it is not uncommon to see homeowners get full price offers within hours of listing their property on the market.
Another reason for selling your house in this market, the attractive interest rates. If you do decide to sell your house, chances are that you’re going to be in the market to buy your next property that you’re going to be living in. If that is the case, one plus point is the fact that interest rates are generally lower compared to where there were years ago. Earlier this week, the Fed did announce an interest rate increase, but even with the rate hike, the rates are still considered lower compared to previous historic levels, which might serve as an incentive to buy your next home
Reason number one for not selling your house in this market is the limited inventory. As we all know, inventory levels for houses across the nation are extremely low. Because of this, home buyers in this market have to be aggressive and agile. If you do sell your house in this market and are now looking to buy a house, you may have to wait longer than usual to find your next home. Home buyers these days are constantly scanning the market for properties, so if you do find a property on the market that you like, be prepared to act quickly,
Another reason for not selling your house in this market is the sell high, buy high principle. One of my favorite sayings of all time is what’s good for the goose is good for the gander. Naturally, if you’re selling your house at a high profit, chances are that when you look to buy your next house in the same market, you will likely pay a similar price for your next home. One of the ways home sellers are mitigating this issue to preserve their profits from selling their homes is moving into areas where property values are generally lower, where they can buy their ideal house for less, which allows them to enjoy their profits from their home sale. Additionally, as more and more employers begin to provide the option to work remotely, the sell high and move option is becoming more and more attractive amongst local home sellers.
Another reason a home seller may want to avoid selling their house in this market is to avoid the in-person showings. Living through this pandemic has changed the way we do a lot of things, and selling a house is no different. Many home sellers are apprehensive about letting groups of home buyers in their property at the risk of putting their own health in jeopardy, and that simply isn’t worth the risk. We recommend working with reputable real estate professionals that have the expertise to handle your real estate transactions professionally and safely.
At Home Focus Illinois, we put the financial and health interests of our clients first. Reach out to us at homefocusillinois.com, and we’ll be happy to answer any questions you may have regarding this video, or if you would like us to prepare a free customized plan to help you sell your property fast. Thank you for watching.