What a year for being a seller in the real estate market! The values are improving each week on homes, and compared to new construction it is still the preferred buying method for consumers as construction costs are rising quickly for even something we would consider standard finishes at $175-$200/ foot which used to be toward the higher end of construction.
There are lots of opportunities for home owners that have been in their house at least 5 years and have lots of untapped equity that they may not even know.
We recently met with a past client and they bought 7 years ago. We did a market review with them and showed them their value and it increased over $100,000 in that time period in value. They did great updates and all the right improvements over time, but man that is amazing!
We are seeing so much demand and so many buyers that are very qualified to buy their home. The conundrum seems to be that when you are now aware as an owner of the market values and demand, what are your plans if you sell.
We have a lot of options depending on what you are interested in doing. Here are some samples:
Put a 90-120 closing deadline on your offer so that you have sufficient time to find the next home for you. This is plenty of time to do that.
Rent. This may seem like a step backward but the amount of equity you are able to pull out of your sale, it is worth not having the pressure to find something and it is fairly simple to sublease your home or apartment at this time.
AirBnB long term rentals: there are so many more options and Zoom has opened up our working worlds. Kids are mostly still virtual and work is for sure that way for a lot of people, so time for a trip, adventure, sabbatical or whatever you want to call it.
Buyers are willing to close and allow you to rent back till you find something within 6 months.
The point here is that if you are in a place where you want to know your equity and may want to change your home or build a new one, now is that time to get great rates, and take the upside of the market.