Reason #1: Buyer Demand is Stronger Than Ever
Buyer demand can be tracked by looking at the number of showings per active listing per month. From 2017 through 2019 that number hovered just above 7 showings. In December 2020 the number increased to 13 showings – nearly double of the previous three years. In fact, there were more showings per active listing in December 2020 than during summer months for the previous three years.
Reason #3: Homes Are Selling Fast
In December of 2020, just over 2,800 single family homes sold within a 20 mile radius of the State Capitol. The average days on market (DOM) was just 17 days. For those homes priced between $400,000 and $500,000, the DOM average was an astonishing 11 days. That’s fast!
Reason #4:Your Home has Less Competition
During the winter fewer sellers list their homes – restricting the number of available homes from which buyers can choose. Listing in the winter gives your home more exposure compared to summer months when you’re competing with many more homes.
Reason #5: Interest Rates are LOW
We don’t know what interest rates will do in the future, but we do know that they are extremely low right now. Sellers looking to trade up to a much larger home are discovering that with today’s low interest rates they can afford more home now than they could have afforded a year ago.