10 Reasons Why Selling Your Home Now is The Smart Move
- Interest Rates Are Extremely Low
- Demand Is Up
- Inventory Is Down (Too many buyers are chasing too little inventory)
- Buyers Are Serious and Motivated
- Property Prices Are Soaring
- Sell Quickly
- Receive Multiple Offers
- Bidding War Frenzy Gives You the Upper-Hand in Negotiations
- Choose the Best Price and Terms for You
- Lucido Listing Blitz Will Help You Best Capitalize on This Market
There’s no doubt about it – we’re in a hot housing market. Home buyers are taking advantage of the historically low mortgage interest rates driven from the pandemic’s impact on the economy. These low rates can make buying a home more affordable even if borrowing more. Nationwide “record-low mortgage rates have improved housing affordability, bringing more buyers into the market,” said Lawrence Yun, chief economist of the National Association of Realtors, in a statement about millennial buying activity.
As eager homebuyers are benefiting from low interest rates, they’re facing the challenge of an inventory shortage.
There are drastically fewer homes on the market for buyers to choose from. In September 2020, the active inventory in Maryland was 10,117. In September 2019, the active inventory was 25,146. That means there are 40% fewer homes available this September than there were last September. Or saying it a different way, last September buyers had 40% more homes to choose from.*
What does this mean? Too many buyers are chasing too little inventory. Sellers are receiving multiple offers on their home. Full-price offers are losing out to more aggressive bidders. The result is a frenzy of bidding wars and soaring property prices.
Our Lucido Listing Blitz is designed to create a bidding war, and paired with this current market, we’re generating multiple offers on our listings. Buyers are offering to pay more than list price, sometimes even skipping appraisals and inspections. This drives prices up and gives our sellers the power to choose the offer with the most favorable terms. In this market we’re negotiating contracts for our sellers to get $5,000, $10,000, even $40,000 over list price.
51 properties we listed in October went under contract in less than 12 days.
One of the properties we listed last Thursday had 90 people come through the Open Houses on Saturday and Sunday. We received 10 offers – which we reviewed with the sellers and negotiated to secure the best terms and a price well above the list price.
Hear Bob talk about it here:
Don’t wait, take advantage of this unprecedented seller’s market!
Let’s have a conversation about your property and what its value is today. Call Bob Lucido personally at 410.979.6024 or contact us online.
*Maryland market statistics provided by BrightMLS.