{"id":21330,"date":"2021-01-28T07:20:46","date_gmt":"2021-01-28T15:20:46","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=21330"},"modified":"2024-03-15T07:22:04","modified_gmt":"2024-03-15T14:22:04","slug":"is-it-a-good-time-to-sell-a-house","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/is-it-a-good-time-to-sell-a-house\/","title":{"rendered":"Is It a Good Time to Sell a House, As Home Prices Would Suggest?"},"content":{"rendered":"

You might not be getting out much, but have you noticed home values lately? On the heels of a gangbusters year for housing<\/a>, Americans are house-rich. A report from CoreLogic recently revealed that homeowners enjoyed an average annual equity gain of $17,000<\/a> in Q3 2020, pushing equity levels to record heights nationwide.<\/p>\n

But as home prices across the country surge, so do intense waves of coronavirus cases. Complicating matters further, the pandemic home buying rush<\/a> has left inventory severely depleted. While you could sell your house at a premium, some sellers will find that they\u2019ll have nowhere to go as supply levels reach all-time lows<\/a>. Others may still feel skittish about listing while infection rates remain so high.<\/p>\n

So is it a good time to sell a house, or will the move leave you in the lurch? Here are some key factors to consider:<\/p>\n

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<\/a> Source: (Lukas \/ Pexels)<\/figcaption><\/figure>\n

Local home values: Will you make a good profit?<\/h2>\n

The opportunity to sell a house looks sweeter when you\u2019re on the heels of a long price run-up. It\u2019s the old “strike while the iron\u2019s hot” mentality. So where do home prices stand?<\/p>\n

In HomeLight\u2019s Q4 2020 survey of over 1,000 top real estate agents, 74% of respondents<\/a> said that home prices were on the rise in their area, in spite of the winter season. What\u2019s more, 48% of agents<\/a> believe home values in their market will continue to climb over the next six months, and 46% noted bidding wars<\/a> were increasing in their market.<\/p>\n

As far as prices a year ago versus now, the National Association of Realtors (NAR) reports that the median existing home price increased 12.9% year over year in December 2020 to $309,800. Another study by Renofi found that over the past 10 years, home prices in the U.S. have increased by nearly 49%<\/a>.<\/p>\n

By that measure, a house someone bought in 2010 for $250,000 would be worth approximately $372,500 today.<\/p>\n

However, real estate is local and in many cases, hyper-local. To get a sense for how fast home values have appreciated in your area, check your local Realtor association website for information. Many Realtor boards publish monthly market reports featuring data on local home prices and days on market trends to give you a more precise gauge of market temperature.<\/p>\n

When you\u2019re ready, you can also plug a few details about your property into our Home Value Estimator<\/a> for a quick price check-up.<\/p>\n

Purchase demand: Will you find a buyer?<\/h2>\n

As a homeowner, you are the envy of many right now. There are a lot of cramped apartment and townhouse dwellers who would snatch up your digs in an instant. And that goes double if you have any of the following features:<\/p>\n