5 Reasons NOW Might be the Best Time to Sell Your Home!
Talk about a strange year! With the unstable economy and all the uncertainties Covid19 has brought to the world, one might think this is a horrible time to sell your home..
WRONG!
In fact, it’s the complete opposite!
Many real estate experts believe that
NOW could be one of the BEST times to sell your home in years!
“Given the pandemic and uncertainty it’s caused, the general sentiment [among some owners] is that now is not a good time to sell your home, Yet so far, the data suggest the opposite—that buyers outnumber sellers in the housing market, which means it’s better to be a seller than a buyer.” Danielle Hale, chief economist at realtor.com®
Let’s take a Look at Some Reasons for such a Strong Sellers Market:
Home Buyer Demand-
-As most know, April-August are historically the hottest times of the year for real estate. But that has looked very different in 2020. Due to stay at home ordinances as well as restrictions placed on some real estate practices, many of these “hot” months went dormant as home selling and buying went to a stand-still.
However, as many restrictions have been lifted, the buyers are flooding in to make up for lost time and pending home sales have skyrocketed!
Further reasons for the influx of homebuyers in our area include:
- Election year/political reasons as well as the lower cost of living, many Americans are relocating to Texas.
- Millennials are approaching 30 and are eager first time home buyers
- Due to stay at home ordinances, many Americans are now working from home and are searching for a home with a better working space.
Increase of Online Shopping and Virtual Marketing Capabilities
Due to stay at home protocols as well as fear of the virus, home buyers have had to lean heavily on the internet to meet their real estate needs. Therefore, real estate agents had to get creative with how to market a home.
Now months into this pandemic, many realtors have perfected their internet marketing as well as crafted their capabilities to provide virtual home tours and appointments. Keeping sellers safe and happy with these advanced marketing tools as well as giving home buyers the ability to do much of their shopping and research from home!
Home Inventory Remains Low
There is a massive shortage of homes for sale! Fewer houses on the market could mean less competition for a seller. Sellers should take advantage of the opportunity for their home to get the spotlight on the market!
Home Prices are Up–
—– High Demand + Low Supply = Higher Prices —-
….and in real estate,
High Demand+ Low supply is a recipe for sellers to receive multiple offers on their home.
“There are still buyers in the market, but given the very limited number of properties available, buyers are willing to pay more” –Geogr Ratiu, Senior Economist of realtor.com
Mortgage Interest Rates are Low
Mortgage rates have fallen to a new all-time low. Because of this, Americans who are in the market to buy a home, are taking advantage of these low rates and using this opportunity to get more home for their money.
The first step toward selling your home is understanding your home’s value. Our free valuation tool is the perfect start! Want more in-depth information? Give Seay Group a call today for a Free Home Consulation: 214.636.8485.
