Here’s why it makes a lot of sense to get your home sold in this market.

If you’re one of the many homeowners who’s thinking of waiting until spring to sell their home, you don’t want to miss the greatest selling opportunity you’ll have by selling right now. Here’s why the winter is the optimal time to make sure your home is available to buyers:

1. Less competition. Throughout the country and in the Richmond area specifically, the real estate market is experiencing drastically low inventory. The latest report from the NAR shows that inventory has dropped to an all-time low. The national inventory average sits around a 2.5-month supply, while the Richmond area has just a two-month supply. A balanced market has around six months, which puts us firmly in a seller’s market where choices are limited and competition is lower.

2. Sale prices are increasing. When the supply is as low as it is today, it’s much harder for buyers to find homes. This causes fierce buyer competition, bidding wars, and multiple offers that push sale prices higher, and sellers are in great positions to negotiate deals that meet their ideal terms. If you want to have an extended close, for example, you might be able to get that in today’s market. As you can see at 2:45 in the video above, inventory and prices are very closely related.

”You can get a better price and the terms you want in today’s market.”

3. Low mortgage rates and changing buyer demand. Today there are plenty of buyers who are ready, willing, and able to buy a home. The average rate for a 30-year fixed loan is under 3% right now, according to Freddie Mac. The FED has also announced that they have no plans to raise the federal funds rate anytime soon. This means that more and more buyers will be able to qualify for home purchases, increasing demand even further. 

Buyers want more space, which puts Richmond home sellers in a unique position. We can still offer the traction of the city while also offering more secluded and rural options for homebuyers.

If you’re considering selling your home this year, winter might be the best possible time for you to list. If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.