Many home owners that were considering selling their homes decided to put this off due to the pandemic. For various reasons including social distancing and limiting exposure risk to COVID-19 to waiting for home prices to stabilize, many of these would-be home sellers have been waiting patiently on the sidelines. This may begin to change over the next six months though. Below we discuss the results of a recent HarrisX survey that was conducted for Realtor.com.
What to expect from home sellers
Recenty, HarrisX conducted an online survey of 2,583 consumers from September-October 2021. The survey results suggested that many of those people might be planning to list their home in 2022, with 65% of them planning to do so this winter and spring. While this is welcomed news for home buyers that are frustrated with the tight inventory, many of these sellers are planning on setting an asking price that is higher than they think their home is worth.
As for homeowners who seem prepared to enter the market in the next year, 65% will do so within six months, including 19% who have already listed their home. While 76% of home sellers in the spring took steps to prepare listing their properties for sale, we are seeing 93% of sellers taking these steps in the current market.
The most common price range for homes that we can expect from sellers seems to be between $500,000 to $750,000. The range of homes priced between $350,000 to $500,000 seems to be about the same as we have seen in the recent months.
Many sellers are beginning to see signs of market stabilization, however with mortgage rates predicted to gradually increase, they feel that this may be a good time to sell. Naturally, the most common question from sellers is: “If I sell my home, where do I go?” While the tight inventory has continued to present challenges in this market, the increase in popularity of remote working environments has lifted the borders on possible relocation destinations. In addition, with more time being spent at home, many homeowners are deciding to search for homes with more space.
As for buyers in the current market, it is still recommended to keep a close eye on the inventory and be prepared to act swiftly. Assuming that you are working with a real estate agent, it is a best practice to be placed on automatic listing alerts for properties that meet your search criteria. If you are in the South Florida market, let our Live South Florida Realty, Inc. real estate professionals assist you!
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!