Key Highlights
- Message to sellers is clear – “Seize the day!”
- Now is a seller’s market with +15% y/y increase in median home price, according to Redfin
- In UK, property prices up +6.5% since June 2020, according to Halifax and +7.6%, according to Knight Frank
Sellers – take notice – well-priced properties are flying off the shelves from Florida to California. Julie Childers with the Childers Real Estate Team in Jacksonville FL tells owners who are considering selling, “Seize the day! Take what you know is in front of you and, as a seller, you’re toing to come out very strong.”
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Across the country in Lake Tahoe CA-NV, Trinkie Watson, a broker with Chase International, agrees. “Right now, we’re dealing with low inventory. And when you have both high demand and low supply, that keeps prices up.”
Need a little data to sway your clients who may be considering selling? According to a recent report from Redfin, pandemic demand for homes in the US has translated into an increase of +15% y/y in the median price of a home in the US. Simultaneously, active listings have fallen -29% y/y in the some 400 metro areas Redfin analyzed for its November report.
Homes priced in the range of $1M – $3M have seen an increase of +38.1% in sales, according to Debbie Wysocki with Keller Williams’ Florida Luxury Homes Group in Fort Lauderdale.
The story is the same in the Los Angeles metro. Due to low interest rates, buyers, many who work remotely at least part of the time, are able to “…stretch their dollar further…” and spread their wings further to “…areas that are on the outskirts of Los Angeles, and anything that’s like a two-hour drive or a two-hour flight,” said Kofi Nartey, CEO of SOCIETY Real Estate and Development in Los Angeles. “Places like Palm Desert and Big Bear are just insanely hot.”
Even in hot sellers’ markets, homes must be well priced. Childers said, “Buyers are educated. They have the resources to see what things are selling for. If you’re outside of the ballpark, you won’t get much traction. But if you’re in the ballpark, absolutely you’re in a multiple-offer situation 90% of the time.”
Going “across the pond” to England, UK homeowners have seen the values of their homes jump +6.5%, according to Halifax. Knight Frank has indicated a +7.6% home value spike since June.
On top of the same stateside imbalanced seller’s market with more demand than supply, the UK government announced a stamp duty holiday in July that will run until the end of March in 2021. This stamp tax holiday essentially exempts buyers from having to pay tax on home purchases up to approximately $700,000 and after that, only a tiered tax.
Ideally, buyers wanting to take advantage of such savings need to seize the day as well or rather, according to Knight Frank’s head of UK residential research, Tom Bill, “…you probably already want to be underway in terms of a transaction.”
In other words…seize yesterday!
Thanks to MansionGlobal, Halifax and Knight Frank
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