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The 2020 real estate market was insane, & 2021 is going to be very similar.
This massive lack of inventory isn't just the case in the CLE greater area. I know agents all around the nation that are struggling with the same thing we are here.
From Colorado Springs, to St. Louis, to Pittsburgh, to Cincinnati, a home appropriately prepped for the market & even remotely updated is going in multiple offers over asking. Buyers are losing out on at least several homes before finally "winning" all around the country. Why is there such a widespread lack of homes on the market & what does this mean for home buyers & sellers?
There has been all the reason in the world to NOT sell your home. Since March, homeowners have been withholding their beloved nests for a multitude of reasons. Who wants to let strangers into their home during a pandemic? Where will you move? Why get rid of all that space since your adult children are staying with you more than ever & you are both working from home 24/7?
I totally get it. It's not convenient to show your home. It's hard to let go of all the memories you have raising your family. This market is intimidating, so I get that you're terrified to jump in to selling your home of 15 years.
BUUUUUUUT, do it. There are buyers out there clamoring for homes like yours! Take advantage of having nearly zero competition & get your house ready now. Not only will you have tons of equity coming out of what is probably your largest investment, but you also have a chance to take advantage of the lowest interest rates of all time. I know it's cheesy to say, but money is cheap right now! If your interest rate doesn't have a "2" in front it you should be considering refinancing anyways, so why not sell?
A lot of people think that if they sell, they won't be able to afford what they want. If you have a home that you have added even a little value to over the years, you are prepped for success. Talk to a trusted lender. See what your options would be. Get a home evaluation from your favorite REALTOR & see what potential your home has today.
Scared to jump in & buy your first home in this crazy world? Don't be! If you have a real estate professional with a multiple offer strategy, you will succeed when the time & home is right. Again, money is cheap right now so really, truly consider it! Most people don't realize that what their paying in rent is equal to or more than what their potential monthly mortgage payment would be.
Reach out ASAP if you have any questions! Don't be left behind in the dust while others trade up, downsize & make the exciting step to becoming a homeowner!
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