You may have thought about selling your home recently. Your next thought may be “what will my exit strategy be?”
The news about the insanely hot seller’s market is in every newspaper headline and on all of our social media feeds.
Annual appreciation was over 22% on average; the highest jump in 15 years. Zillow’s “zestimate” algorithm can’t even keep up with the ever increasing values.
Year-to-Date, Year-over-Year Changes
Comparing Jan.-April 2021 with Jan.-April 2020
Median house sales price: + 22%, $1,580,000 in 2021 YTD
Median house $/sq.ft. value: + 22%
Total sales volume: + 70%
Luxury home sales, $2,000,000+: + 318%
Percentage of sales over list price: up to 70% from 45% of sales
Activity reported to MLS, per MLS stats program or Infosparks. Data from sources deemed
reliable, but may contain errors and subject to revision.
Bubble Trouble? Many analysts say that our ever decreasing inventory (inventory has decreased over 53% nationwide), buyer fatigue (making multiple offers and never winning a bid), combined with decreasing affordability may cause the market to stall and prices to stabilize and then fall.
For the time being, all indicators show that prices will continue to increase each month and inventory will remain low. Selling now is a great idea if you want to take advantage of prices that may not sustain themselves. Thinking of downsizing? Your money will go further if you consider condo living (condo prices and sales have decreased from 2020 to 2021). And if you think the bubble will burst soon, capitalize on selling now while prices are high and then rent for 1-2 years.
If you are thinking about selling, your first decision should be “what is my exit strategy?” That’s why employing a realtor to help you strategize your next move is your best call. Buying and selling a home is one of our biggest decisions in life. Use a professional to help guide you through these uncharted times.
See you around town,
By Janice Jordan, Compass, Resident since 1998
Janice Jordan is a third generation real estate expert. She has lived in Danville for over twenty years. In her spare time Janice loves to hang out with her daughter Jenna and go on outdoor adventures of all kinds.