You may have been missing out on a great opportunity if you have been sitting on the sidelines while the real estate market has gone totally crazy over the past few years. Let’s examine the main reason you need to sell your house in Riverside to get your motivation for doing so started.
The Big Reason to Sell: We Are in a Booming Seller’s Market
You have undoubtedly heard that we are in a seller’s market if you have been following the local real estate market at any point in the past several years. This indicates that the market is in a position where sellers can quickly sell their properties while also having substantial negotiating power.
Simply put, sellers currently hold the advantage in nearly every real estate transaction taking place, but this could change over time. Market conditions won’t last indefinitely, therefore it’s wise to decide to sell your house in Riverside right now to capitalize on the market.
One of the largest factors influencing the price of homes has been the constant, seemingly insatiable demand for homes from buyers.
Some purchasers have been looking for properties and vying for them for two or three years, and during that period, they have maximized their funds. Due to how frequently numerous bidders jump in on a desirable home and begin a competitive bidding battle, purchasers are finding themselves in an unfavorable situation.
Buyers then start one-upping each other with counter offers until the seller pulls the plug on the bidding war by accepting an offer.
You might be wondering why a seller would decide to put an end to the bidding battle, but they have a legitimate motive for doing so. The majority of buyers will be reliant on a mortgage lender for at least partial financing, and that lender doesn’t want to grant a loan for a home whose value is most likely to decline significantly over the next few years.
The closing price of your property may eventually be so out of line with typical market conditions that lenders won’t be prepared to take on a mortgage that would leave them holding the bag if the buyer defaults down the road if purchasers continue to let their offers grow. Because of this, sellers must maintain composure and be able to decide when to stop the buyer enthusiasm, even when the market is obviously in their favor.
Extremely few homes are on the market, which adds to the seller’s market’s high demand and significantly increases the control sellers have over the whole buyer pool.
Many homeowners who may have sold instead elected to refinance as a result of the Federal Reserve decreasing interest rates to historical lows over the past two years. This gave them the chance to stay in their current residences while also reducing the overall sum of money they will eventually pay toward their mortgage. But during the past 18 months, interest rates have risen sharply on three different occasions, which encourages more sellers to come forward.
Even with more sellers participating, there is still a much more demand for homes than there is supply. When sell your house in Riverside, it will be simpler for you to stand out from the competition because there are less residences on the market. Another temporary reason, this one is as well. Future changes to loan rates may allow the supply of homes to catch up to the demand.
Your Team to Help Sell Your House in Riverside
Call our knowledgeable team at (951) 355-7115 right away if you want to take advantage of the current market and sell your house in Riverside.