There has never been a better time to be a seller! Bay Area homeowners are in a unique position to capitalize on today’s unprecedented market conditions.
If you’re on the fence about selling your Bay Area home, here are three reasons to sell your house today.
1. We have the perfect storm of low inventory and high demand.
When the pandemic began, many real estate experts predicted that the housing market would slow down due to economic uncertainty. The government even lowered interest rates below 3% to help keep the economy afloat. And buyers responded to those low interest rates in droves. Add in the fact that many people are finding their current apartments or small homes are less-than-ideal for pandemic lockdown conditions, and you get an absolute frenzy of buyers.
On the other side of the equation, homes are in short supply. The inventory of available homes is far too low to meet the buyer demand. This is driving home values up.
So if you decide to sell your home now, you’ll enjoy:
Low competition as there are comparatively few homes on the market.
A sea of qualified buyers who could potentially start a bidding war for your home.
High sales prices to give you a higher net return on your real estate investment.
2. You can tap into your equity.
Home values have grown substantially all over the country since the Great Recession a decade ago. And this past year has brought some incredible value growth to many neighborhoods throughout the Bay Area. In some cases, entire counties have seen historic growth. In Alameda County, for example, the median sales price increased by 14.7% from March 2020 to March 2021. In Contra Costa County, the median sales price increased by 23.4%!
If you’ve owned your Bay Area home for a few years, you could be sitting on impressive equity. Selling your home allows you to access that equity and put it to good use. Perhaps you’ve always dreamed of starting a business or living abroad? Your home equity could fund those dreams.
3. These market conditions can’t last forever.
The growth we’ve seen over the past year is far from sustainable. At some point, the growth has to slow. It’s also possible that we’ve seen too much growth too fast, and we’re going to see a market correction in the next few years. This correction would bring home values back down to a more reasonable level.
Why not sell now while market prices are favorable? There is no guarantee that we’ll ever see conditions like this again. And if we do, it will decades from now. Don’t miss this opportunity to capitalize on today’s historic market conditions.
When you’re ready to sell, contact us for a free consultation. We can give you a solid idea of how much your house is worth under today’s quickly evolving market conditions. And we can create a custom marketing plan to help you sell your home for the best price possible, under the best terms possible.