Stockberger: Thinking of selling your house? It could be the perfect storm

June 17, 2020

By Amy Stockberger

Is 2020 the year to sell your house? Inventory levels are at an all-time low as well as interest rates, making it a perfect storm for sellers in some price points.

The Realtors Association of the Sioux Empire Inc. reported listing inventory being down more than 23 percent at the end of May. Prices also continue to increase, with a median sales price extended up 8.4 percent.

As your top-selling real estate team in South Dakota, we believe in reviewing all the factors to help you make the best decision possible depending on your individual needs. One of the main factors we’ve noticed over the years centers around mortgage interest rates.

So far, 2020 has started off stronger than the previous year. The average 30-year rate in 2019, according to Freddie Mac, was 3.94 percent. The 30-year mortgage rate is at an all-time low of 2.875 percent. This alone is enticing buyers to get into the market for the first time, as well as enticing those who are moving up and able to buy at a higher price point. I compare the real estate market to a snowball – as the first-timers buy, then the next buyers move up, the next move up and then the snowball starts rolling back down to empty nesters getting into low maintenance twin/town homes.

Another important factor is what stage of life you’re in. This can range from first-time homebuyers to empty nesters. In the Sioux Empire, the market is great for sellers based on current market conditions.

The U.S. Census Bureau also just reported the highest homeownership rate since 2014 for people younger than 35. This data points to a specific stage of life: starting a family. As younger generations – sometimes known as millennials – get closer to marriage and starting a family, they start looking for homes versus apartments or condos.

It is crucial for buyers to be pre-approved before starting their home search. Our One Roof solution has an in-house lender for clients to access. We are experiencing more multiple-offer situations this year to date than we did for most of 2019. The majority of our listings under $350,000 are selling within four hours to four days. Buyers need to be ready to act immediately once they find the right home. We know this can cause anxiety for buyers, which is why we created our Love It or Leave It Guarantee for them.

We put in writing that we are putting our money where our mouth is and making sure we are helping our buyers find the right home that matches their budget, and if for any reason within 12 months after their close date they decide they don’t like the home anymore, we sell it for free on our side and help them find another home to purchase. We are our clients’ lifetime home support team.

Supply versus demand is a good thing for anyone looking to sell their home in Sioux Falls. Waiting too long to put your home on the market could mean losing thousands and thousands of dollars. The perfect time to sell your home for the maximum amount or value is now.

The National Association of Realtors recently changed the “Coming Soon” marketing regulations nationwide, which govern how Realtors can advertise and market homes before being on the MLS. Supply and demand is leverage for sellers. It makes them more money. Amy Stockberger Real Estate is rolling out a new marketing platform to make our approach to connecting buyers and sellers even more seamless.

Our proven approach has allowed Amy Stockberger Real Estate to be the No. 1 real estate team in South Dakota. We have a proven method to connect buyers and sellers through bold marketing and strategic advertising. Our listings sell for the highest dollar in the shortest amount of time. We believe you deserve a lifetime home support team that helps you every step of the way. We have numerous programs and resources available to help you sell your home for top dollar and in a short amount of time.

Leave a Reply

Your email address will not be published. Required fields are marked *