This Summer’s Market is A Seller’s Market
Simply put, 2020 has been hard.
Prior to the pandemic, the 2020 real estate market was anticipated to be one of biggest millennial homebuying years. What looked to be a busy spring market in my career changed on a dime as our country, our world was required to hit pause.
But! We are seeing life and business gently yawn awake, returning to some form of normal.
A key part of our market is, however, still a bit behind and trying to catch up. Sellers who were ready to put their homes on the market back in March are still holding off, which puts extra pressure on an already stressed inventory situation.
Why is now the best time to sell? I’ll give you 3 reasons.
- Buyers Are Ready and Need to Move
Americans feel confident that our real estate industry is strong, seeming unaffected by the recent economic down turn. As economies begin to open back up, moving plans are resuming. New NAR data points to strong buyer demand in almost all 50 states despite the pandemic.
Yes! The summer market is heating up! What would have been our ‘Spring Rush’ is now becoming a ‘Summer Rush’ as we see buyer traffic increasing. Add this to mortgage rates at historic lows, and you get the real estate opportunity of a lifetime.
- Homes Are Selling Like Hotcakes!
56% of homes sold in April 2020 were on the market for a month or less-NAR
Our predicament of low inventory and high buyer demand has created an environment where homes are flying off the market. In this scenario, houses that go on the market stand out better than ever. Houses that standout move fast. Right now, sellers can anticipate a relatively quick and painless home selling experience. Zillow recently reported a 5.9% week-over-week rise in homes being listed for sale Smart sellers will want to get in front of this curve.
- Competitive Seller’s Market
Strong buyer demand coupled with low home supply will to drive a very competitive real estate market with sellers in the driver seat. While this does not rule out negotiations, it is best case scenario for sellers to get asking price, and in the shortest period of time. Historically, sellers were considered fortunate to get a second or third offer, but it was uncommon. Now, almost every home on the market has multiple offers. Talk about a seller’s paradise!
To the Point:
The world may have hit a giant pause button on the economy, but real estate remains active across most parts of the country. Buyers are on the move. Sellers are positioned to sell their homes at great prices, and quickly.
If you have had thoughts of selling, or are curious about the value of your home, let’s get together to go over important national and local data on the market. Let’s discuss timing for listing your home, and go over market insights that affect your current unique situation.