Why Is It A Great Time To Sell Your Property Now In South Florida
South Florida’s housing market has continued to heat up in the 2021 summer season, maintaining the same upward trajectory trend that we have witnessed from the beginning of the year. After going through the first wave of the pandemic and the rising Delta variants, home prices have continued to soar to new heights as inventory remains low. If you plan to sell your property in South Florida, now is the best time to do so. The following are some of the reasons why it makes sense to sell your South Florida property now.
It’s a seller’s market.
We are currently in the seller’s market phase, where homes are selling at top dollar. Since the mortgage rates are still low, many prospective homebuyers are engaged in fierce bidding wars for the limited inventory. This kind of environment favors the sellers since buyers are willing to buy a home at a listing price or even offer a higher bid if competition is stiff. There is no room for discount negotiations.
Homes are selling fast.
The home selling process can be challenging and tiresome if you happen to list your home when buyers are few and inventory is high. However, during this summer season, the South Florida housing market is experiencing low inventory and an increased number of prospective homebuyers. Therefore, it’s evident that your home will sell fast if you list it now because of the high demand and bidding wars. In addition, this is the best time to sell your house to distressed homeowners in South Florida since many buyers are waiting to make their offer.
All types of homes are in high demand.
The COVID-19 pandemic has pushed homebuyers to change their preference when it comes to selecting their ideal home. Most wealthy homebuyers are looking for homes that are spacious and have ample outdoor space. Remote work and digitization have also increased the demand for homes in less populated and easily accessible South Florida neighborhoods.
There is a considerable number of people who are also considering downsizing. Therefore, sellers should have more confidence that their homes will sell since many prospective homebuyers have diversified tastes and preferences.
There are fewer contingencies.
When there is high demand for listed homes, sellers have the upper hand. If a buyer puts a lot of contingencies when placing the offer, the seller is at liberty to cherry-pick the best bid because there will be multiple offers. If you plan to sell a home in South Florida that is not in excellent shape, you can do minor repairs or sell it in “as-is” condition as you will still get a fair price. When there are bidding wars, many buyers opt to waive contingencies or even promise to cover closing costs so that they can increase the chances of their bid being accepted.
There is less competition from other sellers.
When the inventory is low, it means that few home sellers are listing their properties. Lack of competition means that there will be an increase in demand for listed homes during this summer season. Therefore, you are assured that your home will move quickly, and you will sell your South Florida home at the highest possible value.
If you have not yet decided whether it’s the best time to sell your property in South Florida, it’s time to act decisively before mortgage rates are increased to cool down the current hot housing market.