If I Sell My Home, Where Will I Go? That is the question on the mind of many people and in Episode 160 of the Wandering But Not Lost Podcast, co-hosts, Jan O’Brien & Matt Emerson talk about the market and the draught-level low inventory that has been driving everyone a bit crazy, How long will this last? Let's dive in...
Current Market Conditions - What’s Driving This Train?
Sellers is hesitant to sell….
Epic Low Inventory - where will I go if I sell now?
COVID-19 concerns, vaccine rollout
Recovery of the Economy & Unemployment
Mortgage Forbearance extended through June
Tenant Eviction Moratorium extended through June
While...Buyer Demand is still HIGH with Interests Rates still LOW
Increase in work from home - hybrid scenarios
Health crisis has us all reevaluating what we really want and need in a home or where we want to live (lifestyle, affordability, near family)
The desire for more affordable housing - better tax climate - weather
Cities to suburbs trend
Benefits to Seller in this historic Seller’s market
Sellers are in control and can take advantage of high prices right now
2020 average appreciation in the US was 10% (normal appreciation is 3-5%)
You only know when the top of the market hits AFTER prices flatten out or decline due to inventory increasing and other factors
Bidding wars with buyers willing to pay over list price and pay cash over appraised value
Negotiating favorable terms like leaseback, buyers covering sellers closing costs, no repair costs, etc.
OPTIONS FOR SELLERS to Consider
Sell now while the market is hot for sellers and RENT until the market adjusts
Sell now and shop resales - be competitive to win the offer
Buy New Construction
Sell to iBuyer - Investor and negotiate longer leaseback
Open Door offering up to 9 months for the close date to avoid double moves
Mortgage Forbearance Extended
Federal Eviction Protection
CFPB proposes foreclosure ban until 2022
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