Q: Why Should Home Sellers Be Excited?
Here are six reasons why now is the perfect time to sell a home.
Talk about a crazy summer. When COVID hit us in the spring and real estate came to a halt, I don’t think anyone could have predicted the market would do a complete 180 just a few months later.
With the continued threat of COVID, layoffs, unemployment, and an unstable economy, home sellers are still asking themselves whether they should move forward or put their plans on hold. Such hesitancy is understandable, but the irony is that many real estate experts (including myself) believe that now is the best time to sell a home in years.
“We can’t see what will happen in the future, but for now things are headed in the right direction.“
If you’re a home seller who had already decided to wait until next year, it’s time for a reality check. Here are six reasons why the market is in your favor:
1. We have an overabundance of buyers. Most of these buyers are looking to move out of the city and other condensed areas into the suburbs. With more and more employees working remotely, buyers can move further from their office and get more home for their money.
2. Inventory remains low. We just don’t have enough homes for all of the buyers out there. I recently submitted an offer on a home where we were the 17th offer submitted. That’s the kind of competition we’re seeing in the market right now. It’s something I’ve never seen in my 14+ years in this business.
3. Home prices are up. With a lack of homes available for sale comes supply and demand issues. With limited inventory, prices are going up. Many sellers are getting unheard of prices for their homes right now. Our market hasn’t taken a big hit like many predicted; our home prices are actually higher than they were pre-COVID.
4. Mortgage interest rates are low. This is pushing buyers even further into the market. With a conventional mortgage, good credit, and a 20% down payment, you can get a rate under 3%, which is insane.
5. The economy is recovering slowly. We’ve seen record-high unemployment levels over the last few months, but they’re starting to decline. We can’t foresee what will happen in the future, but for now, the trends are headed in the right direction.
6. Buyers’ needs have changed. Along with working remotely, many people are spending much more time at home than they ever have before. This has made some homeowners rethink their situation and realize that maybe they didn’t have as much room as they had previously thought. Using a dining room as a desk is fine for a few months but isn’t practical long term. Additional square footage, outdoor spaces, and home offices are much more important to buyers than they have been in the past.
If you have any questions for me about this market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
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