Selling your house at the market's peak would be ideal, not just because that's the perfect time to get the highest price and pocket the most money. It usually means that you'll also get your house sold quickly — often with multiple offers — and the most favorable terms, like flexible closing dates and buyers waiving contingencies.
But pulling off the perfect timing is difficult, if not impossible. For starters, you only know when prices peak after the fact. But more so because selling your home isn't like selling shares of a stock where you can make a trade when you feel the time is ripe to capitalize on the market. Selling your house takes thought, planning, and timing around your life and personal circumstances. Once you have those things sorted, you probably need some time to get your house ready to sell and actually on the market.
So, there's a good chance that if you're thinking about selling your house, it's been on your mind for some time — possibly even years, leaving you feeling like you missed the peak of the market and wishing you'd sold it sooner. The good news is you're not the only potential seller feeling that way, and it's not too late to capitalize on a seller's market. Nearly 80% of sellers wish they hadn't waited to sell.
However, as the Realtor.com article states, statistics show that it's still a very strong sellers' market.
"That said, most of the country remains below pre-pandemic inventory/months of supply. Much of the Midwest and Northeast remains tight. National active listings in March 2024 were still 37.7% below March 2019 levels when there were 1,115,940 U.S. homes for sale. That lack of inventory explains why home prices in many markets have remained resilient despite softening and spiked interest rates."
Many sellers may feel they've missed the best time to sell their house, but it's based more on feelings than actual data. There's still a shortage of houses for sale, causing houses to sell quickly and for historically high prices. Zillow recently reported that homes were selling within 13 days in March 2024. While that's slightly slower than houses were selling in March of 2021 or 2022, it's still faster than the 21 days it took on average before the pandemic. In addition, they also said that nearly 27% of homes sold over list price in February 2024, compared to 24.2% in 2023, 20.6% that sold over the list at this time pre-pandemic, and 19% back in 2019. In other words, you have a better chance of selling your house for the asking price now than in what was considered the "hottest" time for sellers.
The value of a typical home in the U.S. is up 42.4% compared to pre-pandemic values, and 47 of the 50 largest metro areas saw increases in the past year. So, while it may be true that home prices have softened in some places, they are still historically high in most areas and price ranges.
It's Not Too Late for You to Capitalize on an Amazing Sellers' Market
You may have missed the absolute peak in your area and price range. Or the peak is happening right now. But it could also be a month or two from now. Unfortunately, there's no way to pinpoint when that exact moment and amount will be. It's impossible to predict when or if there will be a significant price correction, and it may not happen in the next few months or even a year—but considering how most home sellers already feel like they missed out when they haven't, think about how you'd feel if you waited and prices went down considerably.
The only thing you can control is when you decide to sell. So, the best question you can ask yourself is: Will I wish I'd sold sooner if I continue to wait even longer to put my house on the market, and values go down more quickly? If the answer to that question is yes, then you should seriously consider listing your house soon.
The Takeaway
The ideal scenario for selling your house is at the market's peak — not just for top dollar but also for a quick sale and favorable terms. However, ideally, timing the market is tough. Many sellers who've been contemplating selling for a while are feeling like they've missed the peak. Yet, data shows it's still a strong sellers' market with low inventory and high prices. While you may not hit the absolute peak, current conditions remain favorable, with homes selling quickly and often above the asking price. The critical question is whether waiting longer to sell is worth the risk of a potential downturn. If not, it's time to consider listing your house soon.
At Set Your Rate Real Estate, let us use our 60+ combined years of experience to work for you. To learn more about this new way to sell your home, call us today at 301-733-3267. Your Rate. Your Choice. Your Perfect Sale.
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