You are most likely hearing the term “Seller’s Market” frequently these days. A Seller’s Market means the number of buyers is greater than the number of properties for sale.
Here in Teton Valley (and in much of the country), property prices are on the rise, listings are going under contract more quickly than ever, and inventory is at an all-time low – there is no doubt that we are in a Seller’s Market.
For example, at the end of last year, Teton Valley was up an even 100% on year-over-year dollar volume (that is, 2019 posted $181M in sales while 2020 ended the year at $364M). For Q1 2021, however, Teton Valley spiked with nearly 200% more transactions (283 sales in the last 90 days vs. 96 sales for the same period last year) and 200% more dollar volume ($92M vs. $31M) than Q1 2020. The median home price in Teton Valley is up 46% compared to Q1 2020, from $465,000 to $678,000.
Click here to read our full Q1 Market Report.
High demand, low inventory, and higher prices can create some great opportunities for sellers!
A question we’re hearing every day is “Should I sell?”
Selling in this market can definitely be lucrative, and we absolutely recommend working with professionals to make sure your next move is in place during this dynamic time.
Here are five questions to keep in mind when deciding whether to list your property:
1. What’s your why?
What are your reasons or goals for selling your property right now?
Some great reasons to list a property at this time include:
Your property is your savings account and you want to retire and make the most out of it
You’re leaving the area
Your lifestyle is changing – your family has grown or you’re looking to downsize, for example
You would like to take advantage of the Seller’s Market and maximize money now
2. What’s your plan?
What’s your next move once you sell?
Do you have a plan to buy land and build, or to build on land you already own?
Do you own another residence?
Are you planning to relocate?
If you’re planning to stay in your area but don’t have another place to live, how are inventory levels to find a new property? Are there rentals available?
In Teton Valley, not only is inventory for sale low, but we also have a very tight rental market at the moment – so be aware that if you’re selling your property and hoping to stay in the area, you may not be able to buy or rent anything else for a while.
If you’d like to list and take advantage of higher prices, but don’t have another residence lined up yet, please get in touch to chat with us about what selling and buying at the same time can look like and ways we can help make the Seller’s Market work in your favor.
3. What’s your when?
What does your timing look like?
Are you willing to ride this wave and get the highest price for your property in the next couple of months? Or is it ok if your property takes longer to sell?
4. Will deciding to sell now provide a good return on your investment?
Do you have enough equity in your home or property to cover the costs of selling, moving, and potentially the down payment on your next home?
5. Does selling right now help you meet your goals?
This is the most important question we encourage you to ask before you decide to sell.
If you do decide that selling now helps you meet your goals, make sure to work with a professional to figure out the best price for your property, maximize your gains, and minimize your stress. Click here to read our article about how listing with a real estate agent can save you time, money, and energy.
Do you have questions about the market, or would you like to learn more about listing your property? Please reach out any time – we would love to chat with you.