What to Expect: Sellers vs. Buyers
The market is currently in a strong sellers market in all regions currently. That means there are a few things you should expect when buying or selling your home this year.
Info taken from Brian Buffini.
What Sellers Should Expect
This is a strong seller's market in all regions. When the home price is right the process will be quick so sellers need to be prepared.
- Anticipate multiple offers. The average home received 3.5 offers in 2020. In 2021 the average home received 5 offers.
-Homes sell quickly. In 2020 homes would stay on the market an average of 27 days but in 2021 they were only spending an average of 17 days.
A quick sale can sometimes be stressful but the good news is that you may be able to sell your home for more than asking price. 42% of homes have been sold above listing price in the current market.
What Buyers Should Expect
In this competitive market buyers will need to be flexible in order to secure their dream home. When a buyer knows what to expect they are set up for a smooth, successful process.
- The buying process is taking loner. In 2020 the average home buyer toured 13 homes while the entire process took about 91 days. In 2021 the process took a bit longer with an average of 96 days and 14 homes toured.
-Prepare to wave some concessions. With multiple offers on the table be prepared for higher down payments, paying above the asking price and waiving certain contingencies.
Cash buyers, rising home prices and a fast paced market can make it challenging for potential home buyers.