Should You Sell Your Home in 2021?

Dated: January 29 2021

Views: 443

As if we all don’t have enough to worry about, the 2021 spring housing market is right around the corner. You may have heard your friends discuss the possibility of selling over zoom or you may have even received a knock on your door from a realtor looking to sell your home. It seems like everyone is saying now is the time to sell, but is it really? It is for the *right* kind of person. I’ll go through 5 reasons to sell and then 3 kinds of situations that are ideal for selling. If none of the reasons resonate with you, or the situations aren’t like yours at all, it may be best to at the very most, refinance. 

 

Of course, while the points below will resonate with most, every property owner and property is unique. So feel free to email me directly for some free advice: colleen@realtorcolleendavis.com or send me a text at 908-873-8086.

 

5 Reasons to Sell

 

It’s a Sellers Market

Right now, especially in Westfield and Union County, we are in a sellers market. We are in a sellers market because currently there is a very low amount of homes up for sale. According to the Dave Ramsey blog, “Inventory nationwide was down 22% in November 2020 compared to November 2019,” and “home prices have grown 15% year over year.” 

 

For this reason, buyers have only so many homes to choose from, and thus you hold all the power in the negotiation with potential buyers. Buyers really want to move for various reasons which we’ll get into later on, but because they want a bigger space and they want to do so quickly, they are willing to offer more money than they would in a buyers market. 

 

Union County Market is Particularly Hot

As I mentioned before, Westfield & Union County are particularly hot. This is because we are only a stone’s throw away from New York City, so we get to reap the rewards of the mass exodus from the city. According to a recent New York Times article, a three-bedroom home in East Orange listed at $275,000 had 97 showings, 24 offers and went under contract 21% over asking. Talk about a dream scenario! This can be available to you as well if you sell this spring.

 

 Historically Low Interest Rates

It’s not just a need for space and privacy that is driving buyers. We have historically low interest rates right now. This is good for buyers because it allows them to afford a home they may not have been able to before, and this is good for sellers because they can now get interest for their home they may not have received during a buyers market.

 

Captive Audience at Home

I don’t know about you, but I’ve been watching a ton of YouTube videos, scrolling Instagram and catching up with old friends over Facebook during this pandemic. I have spent a ton of time on my phone, and so has every other American.

With everyone at home, mostly staring at screens, we can more easily get the attention of buyers than we could in a normal climate. Plus, I work with a team of dedicated digital marketers that help drive awareness about me and about my listings, and we know a thing or two about social & email marketing! In total, I have over 1,500 people in my audience who may just be your home’s future owner.

 

It’s not just a Sellers Market - It’s a Speedy Market

I alluded to this earlier, but people want out of the city and their current homes - stat! For this reason, if you have a slightly outdated kitchen or your water tank needs to be replaced, these are things that are going to be overlooked compared to during a buyers market. Take advantage of the market’s need for speed now, instead of sitting on your home, and having to invest more money into it later on.

 

3 Scenarios Perfect for Selling

 

Now, if the above all swayed you to sell, that’s great! But I also put together some scenarios for folks that would be the most ideal to sell right now. If you don’t fit these categories it doesn’t mean you shouldn’t sell, just that you may have some work cut out for you (see #1). 

 

You Know Where You Are Going

Time to retire in the sunshine state? Have you had your eye on a NYC condo that is now almost half the price it was asking for 5 years ago? If this is the case, now is the time to sell. Selling can be scary - you’ll have to go through all of your possessions, go through your home and nitpick details you’ve always overlooked, plus there’s the actual manual labor of moving that no one looks forward to. However, why push it off if you can get it done now? Not only get it done now, but make as much money from your investment perhaps ever. 

 

You Have Multiple Rooms, Perfect for a Home Office

A lot of New Yorkers that are skipping town are doing so because they can now work from wherever they want. This makes the suburbs desirable to many individuals and families. That being said, the icing on top of the cake would be a home where members of the household can work quietly and serenely. If you have a home with multiple rooms, heck if you have a room that is already staged as an office, this is going to put you a cut above the rest.

 

You Need to Move, Anyway

Is your family expecting? A new job needs you onsite? This is the best case scenario for selling. If you were planning to move then you are selling at one of the best times to sell in the past decade. Congrats! 

 

Things are going to be moving quickly in the next few months. Sign up for my sellers newsletter to stay up-to-date on the market. I'll shares recent homes sold, free downloads that get you prepared to sell and industry secrets for selling that you can’t learn anywhere else.

Ready to bite the bullet? Give me a call at 908-873-8086 or email me at colleen@realtorcolleendavis.com. I look forward to hearing from you! 

Blog author image

Colleen Davis

My name is Colleen Davis and I am so excited to sell you your new home. Cranford born and raised, with several years in Princeton, I know Central Jersey like the back my hand. So if you’re new to th....

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