Last year, many area homeowners thought twice about selling their Possum Kingdom property due to the onset of the health crisis. This year, however, Possum Kingdom area property owners are beginning to regain their confidence when it comes to selling. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae shows that 57% of consumers believe now is a good time to sell.
Doug Duncan, Vice President and Chief Economist at Fannie Mae, explains:
“Overall, the index’s monthly increase was driven largely by a substantial jump in the share of consumers reporting that it’s a good time to sell a home, with many citing favorable mortgage rates, high home prices, and low housing inventory as their primary rationale.”
Normally, spring is the busiest season in the Possum Kingdom property housing market – the time when many homeowners decide to list their houses. While this is obviously not a normal year since the pandemic is still very much upon us, experts are optimistic that consumer positivity around selling will lead to more lake homeowners cashing in on their Possum Kingdom property this year. Duncan continues to say:
“We will pay close attention to see if this newfound optimism develops into a trend.”
What does this mean if you’re thinking of selling your Possum Kingdom property?
The fact that there are so few Possum Kingdom Lake properties available for sale today is one driver that’s encouraging consumers to think more positively about selling. The National Association of Realtors (NAR) states:”Total housing inventory at the end of January amounted to 1.04 million units, down 1.9% from December and down 25.7% from one year ago (1.40 million).”
With so few lake homes available to buy, your Possum Kingdom property will be more likely to rise to the top of an eager purchaser’s wish list in this competitive market. Today’s high buyer activity is creating upward pressure on lake home prices and more multiple-offer scenarios. According to the Realtors Confidence Index Survey from NAR, the average home for sale is receiving 3.7 offers today, up from 2.3 offers just one year ago. This makes selling even more enticing.
In this kind of sellers’ market, you have a huge advantage in the process. And here’s another win – you can also use your equity toward a down payment on a newer bigger Possum Kingdom lake home when you sell.
Wondering where you’ll go if you try to move while it’s so challenging to find a home to buy? Well, in many areas, there are more homes available at the higher end of the market so finding a move-up home may be less of an issue if you’re ready to search for your dream home this spring.
If you pressed pause on selling your Possum Kingdom property last year, now may be the best time to put your plans back into motion while inventory is so low at Possum Kingdom Lake. Let’s connect today to get the process started.